BB&T Corp. said it has completed its acquisition of Martinsville, Va. based Main Street Financial Corp.
The announcement was made late Friday.
The transaction, accounted for as a pooling of interests, significantly expands BB&T's presence in Virginia, the bank said.
With $2 billion of assets, Main Street is the parent company of 11 community banks in metropolitan Washington and southwestern, central, and northern Virginia.
Main Street operates 46 banking offices in Virginia and three in Maryland. BB&T said it would continue to operate these branches under the Main Street name until its systems conversion is completed in July.
Main Street Financial shareholders got 1.18 share of BB&T common stock for each share of Main Street. The deal is valued at $46.02 per Main Street share.
BB&T has $37 billion of assets and 581 branches in the Carolinas, Virginia, Maryland, and the District of Columbia. It is based in Winston- Salem.