BB&T Corp (BBT) is picking up Citigroup's (NYSE:C) unwanted Texas branches.

The Winston-Salem, N.C., company said Wednesday that it agreed to buy 21 Citibank branches in Texas, along with $1.2 billion in deposits and $134 million in loans. BB&T will pay a premium of 4.25% of core deposits, or approximately $36 million, it said.

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