BB&T Corporation Expands Presence in Atlanta with Premier and First Citizens Bank Acquisitions

Strategic Insights -

BB&T Corporation has made a significant move in expanding its presence in Atlanta by acquiring and integrating the operations of Premier Bancshares Inc. and First Citizens Corp., both based in metropolitan Atlanta. This strategic acquisition gives BB&T a foothold in the largest metropolitan statistical area in the Southeast, a major East Coast financial center. With a strong presence in the region, BB&T aims to offer a broader range of products and services to its customers, including commercial loans, insurance, mutual funds, and international banking.

Key Takeaways:

  • BB&T has acquired and integrated 45 branches of Premier and First Citizens, marking its first branch offices in Atlanta.
  • The acquisition is the second and third of five Georgia banks for BB&T to convert their operating systems and assume the BB&T name.
  • BB&T controls the eighth largest share of deposits in metropolitan Atlanta, with a strong presence in the largest metropolitan statistical area in the Southeast.
  • The acquired banks, Premier and First Citizens, have a combined $2.411 billion in assets and operated 45 banking offices in the region.
  • BB&T plans to grow consumer and small business loans and develop commercial relationships in markets served by the two banks.
  • The expanded product line will include insurance, mutual funds, annuities, trust, retail brokerage, investment banking, treasury services, and international banking.
  • BB&T's Atlanta Region is one of 20 autonomous regions that operate like community banks, allowing for personalized customer service and local decision-making.

Statistics:

  • 45 branches of Premier and First Citizens have been acquired and integrated into BB&T.
  • BB&T controls $2.411 billion in assets in metropolitan Atlanta.
  • 832 banking offices are operated by BB&T in the Carolinas, Georgia, Virginia, Maryland, West Virginia, Kentucky, and Washington, D.C.
  • BB&T has $55.4 billion in assets.
  • The acquisition gives BB&T the largest market share in metropolitan Atlanta.
  • 32 banking offices were operated by Premier in Atlanta and north Georgia, and 13 banking offices were operated by First Citizens through its two subsidiaries.

Sources:

  • "BB&T Corporation Announces Acquisition of Former Premier Bancshares Inc. and First Citizens Corp." (July 17, 1999) PRNewswire
  • "BB&T Corporation Acquires Premier Bancshares Inc. and First Citizens Corp., Expands Presence in Atlanta" BB&T Corporation Press Release (July 17, 1999)