BB&T (BBT) will close 21 branches as it works to ingrate the recently acquired BankAtlantic into its operations.
The Winston-Salem, N.C., company will close a dozen BankAtlantic branches in addition to nine BB&T branches, the Sun-Sentinel reported Monday. The shuttered branches will be consolidated into others located nearby.
BB&T, which has $179 billion of assets, also plans to lay off up to 365 employees, mostly in back-office positions at BankAtlantic's headquarters, in connection with the acquisition.
BB&T gained about $3 billion of deposits and 80 branches in South Florida when it completed the $316 million purchase of BankAtlantic last month. (http://www.americanbanker.com/issues/177_147/bbt-completes-deal-for-bankatlantic-1051464-1.html) The company expects to rename the BankAtlantic branches in the fourth quarter, the Sun-Sentinel reported.