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Article Excerpt
When BB&T Corp. completes its purchase of First Virginia Banks Inc. this summer, it will have swallowed the last of Virginia's statewide, locally headquartered banks and capped a 15-year transformation of the state's banking market.
The significance of the change is open to debate, but BB&T and its other large, and acquisitive, competitors in Virginia -- Wachovia Corp., SunTrust Banks Inc., and Bank of America Corp. -- will control half of the state's bank deposits once the deal is done. These out-of-state giants are betting that customers will buy their pitch that bigger is better.
The battle lines are already drawn. Gone are a slew of native Virginia banking names, including Crestar, Central Fidelity, Dominion, Signet -- and soon, First Virginia.
BB&T, of Winston-Salem,...
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