BB&T Corp.. said Tuesday it had agreed to buy Franklin Bancorp. of Washington, D.C., in a stock transaction valued at $165.1 million.

The acquisition would give $27 billion-asset BB&T an entry into the nation's capital and the surrounding area, a high-growth region with five million people that ranks as the fifth-largest metropolitan area in the nation.

Franklin, with approximately $535 million in assets, operates nine full- service banking offices.

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.