Make us your home page

BB&T continues to integrate Colonial Bank into its fold

BB&T is in the home stretch of bringing the failed Colonial Bank into its financial family.

The North Carolina bank has identified 15 overlapping branches that it will close in the Tampa Bay area, leaving it a total of 48 bay area locations.

During Memorial Day weekend, it will convert all electronic networks and install permanent signage, a process that's being replicated the same weekend throughout all the Colonial branches that BB&T picked up in its biggest-ever acquisition.

Letters will be sent out later this month to customers of branches being closed, advising them of the nearest substitute branch. Until that happens, the bank is not identifying locations.

Most affected branches are within a mile of another location that will stay open, many across the street from each other, said J. Kenneth Coppedge, BB&T regional president for the bay area.

The combined BB&T-Colonial operation has about 455 area employees. No layoffs are expected as part of the consolidation, Coppedge said.

Overall, BB&T expects to close about 40 overlapping branches in a four-state area, not including up to 30 Colonial locations in Nevada that were already sold.

Typically, banks anticipate some runoff in deposits during an acquisition. This time, with rumors of a financial collapse building, Colonial lost deposits in its final weeks. When the FDIC brokered the deal for BB&T to buy Colonial's assets, BB&T wound up adding several hundred million dollars in deposits statewide after the deal closed.

The new BB&T is doubling its Florida presence through the deal. In the bay area, it catapults from 12th largest to fifth largest, with about 6 percent of deposits.

Jeff Harrington can be reached at or (727) 893-8242. Follow him on Twitter at

BB&T continues to integrate Colonial Bank into its fold 03/09/10 [Last modified: Tuesday, March 9, 2010 8:38pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times


Join the discussion: Click to view comments, add yours

  1. UPS relocates express operations from St. Pete-Clearwater to TIA


    TAMPA — United Parcel Service Inc. is switching airports for its express air operations. Beginning in October, UPS will relocate from St. Pete-Clearwater International Airport to Tampa International Airport.

    Beginning in October, UPS will move from St. Pete-Clearwater International Airport to Tampa International Airport. [Associated Press file photo]

  2. Richard Corcoran takes aim at public financing of campaigns

    State Roundup

    TALLAHASSEE — House Speaker Richard Corcoran, R-Land O'Lakes, may not be running for governor — not yet anyway — but his latest idea will get the attention of those who are.

    House Speaker Richard Corcoran, R- Land O’ Lakes, is proposing an end to public financing of campaigns. [SCOTT KEELER | Tampa Bay Times]
  3. Related Group breaks ground on complex at old Tampa Tribune site

    Real Estate

    TAMPA — When Miami developer Jorge Perez first eyed a 4.2-acre tract on the west bank of the Hillsborough River two years ago, people asked him if he wouldn't prefer to build on the opposite side closer to the downtown core.

    No way.

    From left, Related Group executive associate Arturo Penaa, Jorge Perez, center, founder and CEO of the Related Group, Mayor Bob Buckhorn and Steve Patterson, the President of Related Development dig their shovels  during the groundbreaking ceremony of the 400 unit Riverwalk Manor apartment complex on site of the old Tampa Tribune building on Wednesday. [OCTAVIO JONES | Times]
  4. Eat 3-course meals for $35 at these 100 restaurants for Orlando's Magical Dining Month

    Food & Dining

    In the early 1900s, hotels offered "table d'hote" or "prix fixe" menus as a form of loss leader. Hotels didn't necessarily make money on these lower-priced, multi-course meals, often served at communal tables, but they made up for it on the booze. Prohibition may have contributed to a gradual shift toward a la carte …

    Bulla Gastrobar serves a variety of Spanish and Portuguese dishes.
  5. Plant City farmer hopes robot pickers can save strawberry industry from shrinking labor force


    PLANT CITY — If current trends continue, the region's status as a major strawberry producer will depend in large part on what happens in Mexico.

    Strawberry pickers work during the daytime, when fruit is more likely to bruise. Machine pickers can work at night. The owner of Wish Farms in Plant City is developing automated pickers and hopes to see them at work on a widespread basis in five years. [Times file]