BB&T Corp. of North Carolina said Wednesday that it would continue its expansion into the Washington area by buying Maryland Federal Bancorp for $265.3 million. The deal would be accounted for as a purchase - unusual these days - and is expected to close in the third quarter.

John A. Allison 4th, chairman and chief executive officer of Winston- Salem-based BB&T, said it would "strengthen our position in one of the fastest-growing markets in the nation."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.