WILSON, N.C. -- BB&T Financial Corp. said it has completed the acquisition of Mutual Savings Bank of Rockingham County, Reidsville, N.C.
Mutual Savings has two offices in Reidsville and one in Eden, N.C. It had $86 million of assets on Sept. 30.
The acquisition involved Mutual Savings' conversion from a state-chartered mutual savings bank to a state-chartered stock savings bank, and its subsequent acquisition by the $8 billion-asset BB&T. A total of 216,907 shares of BB&T common stock were sold and issued in connection with the conversion and acquisition, resulting in net proceeds of approximately $6.2 million.
