WILSON, N.C. -- Mutual Savings Bank of Rockingham County said it received approval from the North Carolina Savings Institution Division to convert from a state-chartered mutual savings bank to a state-chartered stock savings bank and become a unit of BB&T Financial Corp.

Mutual Savings, based in Reidsville, N.C., said it will be merged or consolidated with Branch Banking and Trust Co., a unit of BB&T, after the acquisition.

Under the conversion plan, BB&T will offer up to about $8 million of common stock at various prices to certain members of Mutual Savings in a subscription offering and to residents of North Carolina's Rockingham County in a simultaneous community offering.

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