BB&T Corp. said it has agreed to acquire One Valley Bancorp of Charleston, W. Va. for about $1.2 billion in stock.

One Valley has $6.6 billion of assets and 123 branches. It is the parent of nine community banking companies. The deal would boost Winston-Salem, N.C.-based BB&T's assets to about $52 billion.

Under terms of the deal, One Valley shareholders will receive 1.28 BB&T shares for each One Valley share. Based on Friday's closing prices, the deal is worth about $35.20 per share.

``BB&T's acquisition strategy is to pursue very high quality banks and thrifts in Southeastern markets that improve our financial performance and franchise value,'' said BB&T chairman and chief executive officer John Allison.

BB&T entered West Virginia last year with its acquisition of Matewan Bancshares, a Williamson-based bank holding company with $676 million in assets.

The One Valley deal has been cleared by both banks' boards of directors but awaits regulatory approvals.

Click here for BB&T's press release on the deal. Note: This link opens a new browser window.

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.