American lender BB&T has entered into an agreement with Citibank to acquire its 21 retail banking branches in Texas.
The acquisition, which also includes $1.2bn in deposits and $134m in loans, will allow BB&T to expand its total deposits to $2.8bn and total number of loans to $2.1bn.
The branches, which are all located in Austin, Bryan-College Station and San Antonio markets, will expand BB&T’s presence in Texas to 81 centers.
BB&T CEO and chairman Kelly S King said the acquisition is a compelling strategic expansion in Texas, where the BB&T brand and approach to client service have been very well received.
"We are excited about this transaction and look forward to our expanding opportunities in these fast-growing markets," King added.
BB&T community banking president Ricky K Brown said the current acquisition will allow their Texas operation to make an even bigger contribution to their future success.
Having entered Texas in 2009 with the acquisition of Colonial Bank, BB&T has since then successfully expanded its core banking operations within the state.
Some of its subsidiaries in Texas include McGriff, Seibels & Williams, BB&T Insurance Services, Regional Acceptance, BB&T Capital Markets, BB&T Investment Services and Grandbridge Real Estate Capital.