WILSON, N.C. -- BB&T Financial Corp. said it completed its acquisition of Old Stone Bank of North Carolina, a High Point-based thrift formerly affiliated with Old Stone Bank of Providence, R.I.
Wilson-based BB&T, which announced the acquisition late last year and had to divest two branches to meet regulators' competitiveness guidelines, paid $58.25 million to Old Stone's owner, the Employees' Retirement System of Rhode Island.
Old Stone had $549 million of assets, 14 branches, and two loan production offices. As of Sept. 30, BB&T had $8.1 billion of assets and 253 offices in North and South Carolina.
Old Stone of Rhode Island was placed in receivership by thrift regulators last February.
