Dow Jones Newswires
WINSTON-SALEM, N.C. - BB&T Corp. has completed the acquisition of Hardwick Holding Co., a Dalton, Ga., banking company, in a $112.6 million pooling-of-interests transaction.
In a press release Wednesday, BB&T said Hardwick shareholders will receive 0.9320 of a BB&T share for each share held. The deal is valued at $26.74 per Hardwick share, based on BB&T's closing price of $28.6875 Tuesday.
In November, BB&T had agreed to exchange 0.9010 of a share per Hardwick share. However, the companies agreed that the price would rise to 0.9320 of a share if BB&T's shares traded at or below $33.50. The company's stock closed Tuesday at 28.6875.
BB&T, which has $47.1 billion of assets, also said it expects to complete Thursday its acquisition of the Statesboro, Ga.- based First Banking Co. of Southeast Georgia.