BB&T Financial Corp. made its first entry into Virginia Friday by agreeing to acquire Virginia Beach-based Commerce Bank for $111 million in stock, or 2.37 times book value.

BB&T will exchange 1.305 share of its stock for each of Commerce's 2.7 million shares outstanding. Based on BB&T's closing price Thursday of $31.25 a share, the transaction is worth $40.78 a share.

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