You make some good points. Of course BB&T would buy FVBI were the offer made, and it was. In order to buy anything, it must first be for sale and clearly Fitzpatrick planned to sell FVBI and it just so happens that BB&T was in the right place at the right time. I REALLY don't think FVBI was sold because they wanted to be part of a bank with a broader footprint, product line or "more liquid stock" or even to improve on their technology base, they were sold because the BIGS at FVBI just wanted to get out and the time was right, particularly with the passing of their founder.
Between 1/1/99 and 12/31/02 BB&T stock went from $40.31 to $36.99 and their dividend totaled $3.69 per share. At the same time FVBI stock rose $5.90/share to $37.23 and retuned $4.03 per share in dividends. With this said, I don't think part of the reason for selling was to benefit the stockholders bottom line dividend income.
Although technology is quite important in the modern business world, FVBI did a pretty good job given their being somewhat behind the times in that area. I think this is a fact that BB&T soon learned when trying to consolidate and improve on the operations at FVBI.