BB&T Gets Regulatory Approvals for Acquisitions

WILSON, N.C. - BB&T Financial Corp. said it has received the regulatory approvals required to convert Albemarle Savings and Loan Association from a mutual into a stock corporation and then acquire it.

BB&T, a $5.5 billion-asset banking company, also said it had received approval to acquire Gate City Federal Savings and Loan Association of Greensboro, also through a mutual-to-stock conversion.

The pending deals will be BB&T's fourth and fifth thrift acquisitions in its region in the past year. Albemarle Savings, based in Elizabeth City, has $90 million in assets; Gate City, $462 million.

Under the Albemarle conversion plan, about $7 million in BB&T common stock is being offered to qualified depositors and borrowers through a subscription offering scheduled to expire July 29.

Albemarle will operate as a subsidiary of BB&T with no changes noticeable to customers except an expanded product line, according to John Allison 4th, chairman and chief executive officer.

The Gate City subscription offering involves $33 million in BB&T common. Both transactions are expected to close in the third quarter.

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