NEW YORK — BB&T Corp. has reached an agreement with the Federal Deposit Insurance Corp. to purchase deposits and branches of Colonial BancGroup Inc., according to a person familiar with the situation.

The deal, approved by the FDIC Thursday night, will take effect after the bank is put into receivership, this person said. BB&T, based in Winston-Salem, N.C., has already dispatched employees to Colonial markets to prepare for the takeover.

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