Banking

BB&T completes purchase of Texas branches from Citigroup

BB&T Corp. said Friday it has completed its purchase of 41 branches in Texas from Citigroup, marking the Winston-Salem lender’s latest push into the state.
BB&T Corp. said Friday it has completed its purchase of 41 branches in Texas from Citigroup, marking the Winston-Salem lender’s latest push into the state. BLOOMBERG NEWS

BB&T Corp. said Friday it has completed its purchase of 41 branches in Texas from Citigroup, marking the Winston-Salem lender’s latest push into the state.

BB&T first announced plans to buy the branches in September, three months after it bought 21 other Texas branches from Citigroup. According to BB&T, the latest purchase makes it the 14th-largest bank in Texas, where it has approximately 121 branches and $5.1 billion in deposits.

The regional lender has been expanding in Texas ever since it entered the state through its 2009 takeover of Colonial Bank after the Alabama bank failed.

The 41 Citigroup branches are scattered across Texas, from the city of Houston near the state’s eastern boarder with Louisiana to the city of Odessa near the western border with New Mexico. The other branches BB&T bought from Citigroup were in different markets, including Austin and San Antonio.

BB&T is the third-largest bank in the Charlotte metropolitan area by deposits, behind No. 1 Bank of America and No. 2 Wells Fargo.

Citigroup, based in New York, is the third-largest bank in the U.S.

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