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BB&T gets regulatory approval for Texas acquisition

BB&T Corp.’s recent expansion effort reaches far past its proposed acquisition of Susquehanna Bancshares Inc., and part of that effort has received regulatory approval to proceed.

The North Carolina-based bank holding company for BB&T Bank announced Monday it has received federal and state approval to acquire 41 Citibank branches in Texas.

The branches total $2.3 billion in deposits and $87 million in loans as of Sept. 30. BB&T announced the acquisition Sept. 3.

It had previously acquired 21 Texas Citibank branches in 2014 that totaled $1.2 billion in deposits and $134 million in loans.

The most recent acquisition of Citibank branches is expected to close March 20. The acquisitions will make BB&T the 12th-largest bank in Texas, according to a news release.

BB&T is entering the Pennsylvania market in 2015 when it acquires Lititz-based Susquehanna Bank for $2.5 billion. The deal is expected to be completed in the second half of this year.

BB&T Corp. trades its stock on the New York Stock Exchange at BBT.

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