BB&T expanding in Texas
BB&T Corp. is trying to shift its expansion in Texas into a higher gear by opening three branches in the central part of the state.
The bank said in legal notices Friday that it is pursuing regulatory permission to open two branches in Austin and one in Frisco.
If the bank receives Federal Deposit Insurance Corp. permission, it would give BB&T 26 branches in the state, including four that it opened since entering the market in August 2009 with the takeover of a collapsing Colonial Bank.
It now has nine branches in Dallas and three each in Austin and Plano, and nearly $1.1 billion in overall deposits in Texas — up $300 million in the past 17 months.
The bank indicated in July that it had plans for only one "de novo" branch in Texas. De novo is an industry term for a new-to-the-bank branch, whether built from scratch or upgrading a previous branch or building.
Ricky Brown, BB&T's community banking president, said Friday that the bank wants to expand its presence in Texas by adding branches in commercially oriented areas.
The strategy is not a low-cost move for BB&T. According to UNC Charlotte finance professor Tony Plath, de novo branches in desirable markets and locations cost about $3 million to $4 million each to build.
"That is far, far more expensive than buying established branches in established markets from an ailing bank," Plath said.
BB&T, the ninth-largest U.S. bank, is considered by most analysts as a preferred bank acquirer. It remained solidly profitable throughout the financial crisis that began in late 2007 — one of few in its peer group.
Because of those financial attributes, analysts have been waiting for BB&T to buy a bank based in Texas or with a significant footprint there instead of building individual branches.
However, BB&T's latest bank deal, announced Nov. 1, came in Florida — another growth target of the bank. BB&T said it paid $301 million for the assets of a struggling BankAtlantic, a wholly owned subsidiary of BankAtlantic Bancorp Inc. of Fort Lauderdale, Fla.
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The bank said in legal notices Friday that it is pursuing regulatory permission to open two branches in Austin and one in Frisco. If the bank receives Federal Deposit Insurance Corp. permission, it would give BB&T 26 branches in the state,
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