Moving to strengthen its position in the hot Virginia market, BB&T Corp., of Winston-Salem, N.C., said Thursday it would buy MainStreet Financial Corp., of Martinsville, for $554 million in stock.

The deal, which is expected to close in the first quarter, would solidify $32.1 billion-asset BB&T's rank as the No. 6 bank in Virginia deposits. MainStreet, a $2 billion-asset company, has 46 branches in that state and three in Maryland.

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