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Citigroup has agreed to sell its remaining 41 branches in Texas to BB&T, in an ongoing effort to trim its branch network.
September 3 -
BB&T (BBT) in Winston-Salem, N.C., has been closing branches across its network, but is planning to expand its presence in Texas by nearly 50%.
September 11 -
Citigroup's sale of nearly all its remaining Texas branches looks to be the last of its major branch reductions for awhile, as the downsizing campaign has helped enhance revenue prospects and contain costs.
September 5
BB&T in Winston-Salem, N.C., has
The $182.9 billion-asset BB&T will pay about $122 million for 41 branches around Dallas, Houston and Midland-Odessa. The deal,
The approval is the latest step forward for BB&T's
"We are very pleased to receive this approval and are excited about moving forward with this important transaction," Kelly King, BB&T's chairman and chief executive, said in a press release Monday. "The BB&T brand has grown dramatically in just a few years."
BB&T's expansion comes as several other major banks have trimmed their branch networks.
The $1.4 trillion-asset Citi has scaled back its retail presence
Bank of America has also shed hundreds of branches in recent years, most