WILSON, N.C. -- BB&T Financial Corp. said it has completed a definitive agreement to acquire Security Financial Holding Co.

The companies signed a letter of intent on May 13.

BB&T agreed to exchange 0.7863 shares of its common stock for each of the 1,713,310 outstanding shares of Security Financial, which owns Security Federal Savings Bank of Durham.

If BB&T's average stock price remains within an anticipated range, the indicated value of the deal, based on the closing stock price of Aug. 6, is $40.2 million.

Security Financial has $340 million in assets and nine offices. BB&T has $6.25 billion in total assets.

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