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BB&T (BBT) in Winston-Salem, N.C., has been closing branches across its network, but is planning to expand its presence in Texas by nearly 50%.
September 11 -
CEO Michael Corbat presided over an executive-studded branch opening in Washington on Wednesday, promoting Citigroup's commitment to tech-heavy urban locations even as the bank closes branches elsewhere.
April 10 -
Citigroup has paused its sweeping cost-cutting program long enough to open a handful of U.S. branches.
January 24 -
Revenue at Citi's North American retail bank fell 35% year over year and officials warned that lower mortgage originations and continued spread compression would crimp revenues in the fourth quarter, and perhaps beyond.
October 15
BB&T Corp (BBT) is picking up Citigroup's (NYSE:C) unwanted Texas branches.
The Winston-Salem, N.C., company said Wednesday that it agreed to buy 21 Citibank branches in Texas, along with $1.2 billion in deposits and $134 million in loans. BB&T will pay a premium of 4.25% of core deposits, or approximately $36 million, it said.
The 21 locations include all of Citi's branches in the Austin, San Antonio and Bryan-College Station markets, BB&T said. The sale would shrink Citi's Texas network to 78 branches, according to data from the Federal Deposit Insurance Corp.
In a statement, Citi said that a review of its branch network determined that the 21 locations "do not complement our market strategy," while noting that Texas "will continue to be an important market for [us]."
The $181 billion-asset BB&T would have 81 locations, $2.8 billion of deposits and $2.1 billion of loans in Texas following the acquisition. BB&T entered the state in 2009, with the
"This acquisition is a compelling strategic expansion in Texas, where the BB&T brand and approach to client service have been very well received," said BB&T Chief Executive Kelly King in a news release.
Citi CEO Michael Corbat has been
