This document is available in two formats: this web page (for browsing content) and PDF (comparable to original document formatting). To view the PDF you will need Acrobat Reader, which may be downloaded from the Adobe site. For an official signed copy, please contact the Antitrust Documents Group.

U.S. Department of Justice Seal and Letterhead
(202) 514-2007
TDD (202) 514-1888


Divestitures Ensure that Virginia Banking Services Remain Competitive

WASHINGTON, D.C. — The Department of Justice today announced an agreement with BB&T Corporation which requires the company to make substantial divestitures in order to resolve antitrust concerns about the company's pending acquisition of First Virginia Banks Inc.

Under the agreement, BB&T will divest 11 First Virginia bank branches and two First Virginia drive-in facilities, with about $290 million in total deposits and loans associated with these branches.

"This divestiture will ensure that banking customers in Virginia will continue to have competitive banking services available," said R. Hewitt Pate, Acting Assistant Attorney General of the Department's Antitrust Division.

In addition, BB&T has agreed that, for a period of time, it will sell or lease any of the branches closed as a result of the merger in specified banking markets to any commercial bank, as long as the bank's offer is equal to or better than any non-bank offer.

The proposed merger is subject to the final approval of the Board of Governors of the Federal Reserve System. The Department said that it will advise the Federal Reserve Board that, subject to the divestiture of specified branch offices and associated loans and deposits, the Antitrust Division will not challenge the merger.

BB&T Corporation is headquartered in Winston-Salem, North Carolina. It has consolidated assets of $80.2 billion and consolidated total deposits of $51.3 billion. BB&T is a financial holding company that conducts its principal activities through three banking subsidiaries.

First Virginia Banks Inc. is a bank holding company headquartered in Falls Church, Virginia. It has consolidated assets of $11.2 billion and deposits of $9.2 billion. First Virginia conducts its principal banking activities through eight subsidiary banks.

A list of the branches and drive-in facilities to be divested is attached.



First Virginia Branches

State County/Independent City Bank Branch Name Address City
VA Covington FV-Southwest 450 West Main Street Branch 450 W. Main Street Covington
VA Covington FV-Southwest Mallow Mall Branch 110 Mall Road Covington
VA Prince Edward FV-Colonial Longwood Village Branch 1508 S. Main Street Farmville
VA Southampton FV-Hampton Roads Courtland Branch 22241 Main Street Courtland
VA Southampton FV-Hampton Roads Linden Drive-in 22510 Linden Street Courtland
VA Franklin County FV-Southwest Franklin Street Branch 369 Franklin Street Rocky Mount
VA Franklin County FV-Southwest Burnt Chimney 20 Jubal Early Highway Burnt Chimney
VA Shenandoah FV-Blue Ridge Route 42 Branch 300 W. Reservoir Road Woodstock
VA Surry FV-Hampton Roads Surry Branch 176 Colonial Terrace East Surry
VA Sussex FV-Hampton Roads Waverly Branch 209 W. Main Street Waverly
VA Sussex FV-Hampton Roads Waverly Drive-in 233 South County Drive Waverly
VA Tazewell FV-Southwest Main Street Branch 201 W. Main Street Tazewell
VA Tazewell FV-Southwest Claypool Hill Branch 1155 Claypool Hill Mall Road Cedar Bluff