North Carolina-based BB&T Corporation says it's buying First Virginia Banks in a stock swap worth just under $3.4 billion.
The merger would boost BB&T’s assets to more than $91 billion and create the nation's 11th largest financial institution. It would move BB&T from fifth to second in
Virginia market share and bolster its presence in metro Washington, Maryland and Tennessee.
Falls Church-based First Virginia, with $11.2 billion in assets, is the parent company to eight community banks and 364 branch offices, 298 in Virginia, 55 in Maryland and 11 in northeast Tennessee.
First Virginia the largest and oldest bank holding company headquartered in Virginia, and recorded its sixth consecutive year of record earnings per share in 2002.
First Virginia Chairman, President and CEO Barry Fitzpatrick will be named CEO of BB&T's Virginia operations and will sit on the corporation's board of directors.