WILSON, N.C. -- BB&T Financial Corp. agreed to sell two branch facilities and related loans and deposits in Cleveland County, N.C., to Carolina State Bank of Shelby, N.C.
Terms were not disclosed.
BB&T Financial said the sale of the branches is expected to be completed before the end of November.
BB&T Financial said it intends to acquire, subject to regulatory approval, Old Stone Bank of North Carolina in late August or early September.
In order to obtain regulatory approval for this acquisition, BB&T is required to divest itself of about $17 million of deposits in Cleveland County.
BB&T said it will achieve this divestiture through the sale of Old Stone's Boiling Springs office and Branch Banking and Trust Co.'s South Dekalb office in Shelby to Carolina State Bank.
Carolina State Bank will be receiving the branch facilities, about $12 million of deposits in the Boiling Springs office, and about $5 million of deposits in the South Dekalb office, BB&T added.
