BB&T Buys Subprime AutoCompany

February 17, 2006, 1:00 a.m. EST 1 Min Read

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WINSTON-SALEM, N.C. - (02/17/06) -- BB&T Corp. said Thursday it hasagreed to acquire FSB Financial Ltd., an Arlington, Texas,purchaser of subprime auto loan portfolios from banks, creditunions and finance companies. FSB Financial, which is one of themost active buyers of auto loan portfolios, will become a part ofBB&T's Regional Acceptance Corp., a wholly owned subprime autolending subsidiary. FSB is a subsidiary of Southwest SecuritiesFSB, a federally chartered savings bank of Dallas-based financialholding company SWS Group Inc. The transactions is expected to becompleted March 1. Terms of the deal were not disclosed.

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