Terms were not disclosed. BB&T said it would combine Collateral with its Laureate Capital LLC unit. It said the combined entity would have a commercial real estate servicing portfolio in excess of $20 billion.
Collateral is a Birmingham, Alabama-based commercial real estate finance company with a $10 billion loan servicing portfolio. Laureate also has a $10 billion servicing portfolio and is based in Charlotte, North Carolina.
The purchase extends BB&T Chief Executive John Allison's strategy of making smaller acquisitions ahead of the "merger of equals" he has said he wants.
Heres what I enjoyed, especially the last part of the sentence:
"Collateral Real Estate Capital, a commercial real estate lender based in Birmingham, Ala., lent more than $5 billion last year to businesses buying land to develop retail, industrial, warehouse or self-storage properties."
LAND COMMERCIAL RETAIL INDUSTRIAL DEVELOP
" The company will combine some overlapping offices in Atlanta, Birmingham, Indianapolis and Jacksonville, Fla."
JA rules again! OK, now it's your guys turn to say BBandT and JA and Directors suck, and this should be this and that should be that. Just as soon as JA reads it then he will change everything. Make yas happy?