In a deal that would give it a foothold in Atlanta, one of the largest and fastest-growing metropolitan areas in the Southeast, BB&T Corp. said Wednesday it has agreed to buy First Citizens Corp. of Newnan, Ga., for $126 million in stock.

The merger pact, which values First Citizens at 2.9 times its book value, would also take BBT into Georgia for the first time. BBT is based in Winston-Salem, N.C.

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.