The pending merger of BB&T Financial Corp. and Southern National Corp. has attracted some sniping from analysts who believe it is not good for Southern National shareholders.

In August, BB&T and Southern National announced plans for a "merger of equals" valued at about $2.2 billion. The transaction is still on track for a first-quarter closing, and estimates for annual cost savings have actually risen slightly, to $63 million from "over $50 million."

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