BB&T to acquire Coastal Financial Corporation of Myrtle Beach, S.C.
21 Diciembre 2006 - 6:30AM
PR Newswire (US)
WINSTON-SALEM, N.C. and MYRTLE BEACH, S.C., Dec. 21 /PRNewswire/ --
BB&T Corporation (NYSE:BBT) and Coastal Financial Corporation
(NASDAQ:CFCP) today announced that they have signed a definitive
merger agreement. The $394.6 million transaction would give
BB&T the No. 1 deposit market share in the thriving metro
Myrtle Beach, S.C., market. With $1.7 billion in assets, Myrtle
Beach-based Coastal Financial operates 24 banking offices through
subsidiary federal savings bank Coastal Federal Bank. It operates
17 banking offices in the greater Myrtle Beach area and seven in
greater Wilmington, N.C., where BB&T already has the No. 1
market share. Approved by the directors of both companies, the
transaction is valued at $17.04 per Coastal Financial share based
on BB&T's closing price Wednesday of $44.27. The exchange ratio
is fixed at 0.385 of a share of BB&T stock for each share of
Coastal Financial stock. The merger, which is subject to regulatory
and Coastal Financial shareholder approval, is expected to be
completed in the second quarter. "Coastal Financial is an excellent
community bank with an operating philosophy centered around highly
personal service," said BB&T Chairman and Chief Executive
Officer John Allison. "Coastal cities in the Carolinas continue to
be some of the highest performing markets anywhere in our
footprint, and that certainly includes the economically attractive
Myrtle Beach and Wilmington areas." BB&T currently has the No.
4 market share in Horry County's Myrtle Beach. The nation's 13th
fastest growing metropolitan statistical area expanded by more than
35 percent over the past decade alone. Housing starts in Horry
County have surged past national numbers, including a robust 65
percent increase in new residential construction permits from 2001
to 2004, the most recent figures available. With its world renowned
golf, shopping and family entertainment, the coastal mecca draws 13
million visitors a year, according to the Myrtle Beach Chamber of
Commerce. Similarly, the local economy in greater Wilmington, an
international trade port, continues to outperform the economies of
North Carolina and the nation as a whole. Economic activity in
North Carolina's Brunswick, New Hanover and Pender counties rose
almost 10 percent in both 2004 and 2005, and another eight percent
through the middle of this year, according to the Greater
Wilmington Chamber of Commerce. The economy is expected to grow
another eight percent in 2007, led by professional and medical
services and retail sales. Coastal Financial clients will be
introduced to BB&T's branch-based sales culture and its broad
product and services line, including insurance, mutual funds,
trust, online banking, annuities, investment banking, retail
brokerage, treasury services, leasing and international banking.
"Just like BB&T, we have a long heritage based on the belief
that our primary mission is to do absolutely everything we can to
help our customers realize their financial dreams," said Coastal
Financial Corporation President and Chief Executive Officer Mike
Gerald. "By joining forces with BB&T, we'll be able to offer
our customers all the products and services and convenience that
the nation's 11th largest financial services institution can
provide. And BB&T's unique community banking structure will
allow us to continue to make nearly all of our own decisions."
BB&T divides its 11-state banking network into autonomous
regions which operate like community banks. Coastal Federal Bank
was founded in Myrtle Beach in 1954 by community leaders who saw a
need for a local bank to serve residents looking to buy or build a
home. It became a public company in 1990. Coastal was ranked as the
No. 1 community bank in the Carolinas in September for the seventh
year in a row by U.S. Banker Magazine. Coastal Financial board
members will be asked to serve on local BB&T advisory boards.
The transaction would be BB&T's first merger in South Carolina
since March 2001. BB&T would continue to have the third highest
market share in South Carolina and the third highest in North
Carolina. BB&T acquired Main Street Banks of metropolitan
Atlanta in June and First Citizens Bancorp of Cleveland, Tenn., in
August. Winston-Salem-based BB&T Corporation and its
subsidiaries offer full- service commercial and retail banking and
additional financial services such as insurance, investments,
retail brokerage, corporate finance, consumer finance, payment
services, international banking, leasing and trust. BB&T
operates more than 1,450 financial centers in the Carolinas,
Virginia, Maryland, West Virginia, Kentucky, Tennessee, Georgia,
Florida, Alabama, Indiana and Washington, D.C. With $118.5 billion
in assets, BB&T Corp. is the nation's 11th largest financial
holding company. More information about BB&T Corp. is available
at http://www.bbt.com/. Muldoon Murphy & Aguggia LLP served as
legal counsel to Coastal Financial Corporation while Keefe,
Bruyette & Woods acted as the company's financial advisor. This
news release contains forward-looking statements as defined by
federal securities laws. These statements may address issues that
involve significant risks, uncertainties, estimates and assumptions
made by management. Actual results could differ materially from
current projections and estimates. Please refer to BB&T's
filings with the Securities and Exchange Commission (SEC) for a
summary of important factors that could affect BB&T's forward-
looking statements. BB&T undertakes no obligation to revise
these statements following the date of this news release.
BB&T's news releases are available at no charge through PR
Newswire's Company News On-Call facsimile service. For a menu of
BB&T's news releases or to retrieve a specific release call
1-800-758-5804, extension 809325. The foregoing may be deemed to be
offering materials of BB&T Corporation in connection with
BB&T's proposed acquisition of Coastal Financial Corporation,
on the terms and subject to the conditions in the Agreement and
Plan of Merger, dated December 20, 2006, between BB&T and
Coastal Financial. This disclosure is being made in connection with
Regulation of Takeovers and Security Holder Communications (Release
Nos. 33-7760 and 34-42055) adopted by the SEC. BB&T and Coastal
Financial shareholders and other investors are urged to read the
joint proxy statement/prospectus that will be included in the
registration statement on Form S-4, which BB&T will file with
the SEC in connection with the proposed merger, because it will
contain important information about BB&T, Coastal Financial,
the merger, the persons soliciting proxies in the proposed merger
and their interests in the proposed merger and related matters. The
respective directors and executive officers of BB&T and Coastal
Financial and other persons may be deemed to be participants in the
solicitation of proxies from Coastal Financial shareholders with
respect to the proposed transaction. Information regarding
BB&T's directors and executive officers is available in its
proxy statement filed with the SEC on March 15, 2006. Information
regarding Coastal Financial's directors and executive officers is
available in its proxy statement filed with the SEC on December 18,
2006. Other information regarding the participants in the
solicitation and a description of their direct and indirect
interests, by security holdings or otherwise, will be contained in
the proxy statement/prospectus and other relevant materials to be
filed with the SEC when they become available. This news release is
not an offer to sell, or a solicitation of an offer to buy, shares
of BB&T common stock, or the solicitation of any proxies from
Coastal Financial shareholders. After it is filed with the SEC, the
proxy statement/prospectus will be available for free, both on the
SEC Web site (http://www.sec.gov/) and from BB&T and Coastal
Financial as follows: Michael L. Nichols, External Reporting
Manager, BB&T Corporation, 150 S. Stratford Road, Suite 400,
Winston-Salem, NC 27104. Telephone: (336) 733-3079. Susan J. Cooke,
Senior Vice President and Secretary, Coastal Financial Corporation,
2619 Oak St., Myrtle Beach, SC 29577. Telephone: (843) 205-2676. In
addition to the proposed registration statement and proxy
statement/prospectus, BB&T and Coastal Financial file annual,
quarterly and special reports, proxy statements and other
information with the SEC. You may read and copy any reports,
statements or other information filed by either company at the
SEC's public reference rooms at 450 Fifth Street, N.W., Washington,
D.C. 20549 or at the SEC's other public reference rooms in New York
and Chicago. Please call the SEC at 1-800-SEC-0330 for more
information on the public reference rooms. BB&T and Coastal
Financial SEC filings also are available to the public from
commercial document-retrieval services and at http://www.sec.gov/.
DATASOURCE: BB&T Corporation CONTACT: ANALYSTS, Tamera Gjesdal,
Senior Vice President, Investor Relations, +1-336-733-3058, or
Chris Henson, Senior Executive Vice President and Chief Financial
Officer, +1-336-733-3008, both of BB&T Corporation; or MEDIA,
Bob Denham, Senior Vice President, Public Relations,
+1-910-914-9073, or Burney Warren, Executive Vice President,
Mergers and Acquisitions, +1-252-321-3347, both of BB&T
Corporation; or Michael C. Gerald, President and CEO of Coastal
Financial Corporation, +1-843-205-2680 Web site:
http://www.bbt.com/ Company News On-Call:
http://www.prnewswire.com/comp/809325.html
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