Notable Mergers and Acquisitions of the Day 8/17: BBT/CNB, JKHY/GFSI, GE

August 17, 2009 12:55 PM EDT

• Late Friday, as expected, BB&T Corporation (NYSE: BBT) announced it has acquired the banking operations of Colonial Bank (NYSE: CNB) of Montgomery, Ala. BB&T has acquired $22 billion in assets and assumed $20 billion in deposits in the transaction. The FDIC and BB&T have entered into a loss sharing agreement covering substantially all acquired loans and securities.
  
  It moves BB&T to the No. 4 market share in Alabama and No. 5 in Florida, two key markets in the Southeast. Its No. 4 position in Georgia will not change. BB&T's goal is to be in the top five in deposit market share in all of its markets.
  
  The announcement follows a decision by Alabama regulators to close Colonial Bank and name the FDIC as receiver. Under the terms of the agreement, BB&T has assumed all of Colonial Bank's deposit accounts, whether or not insured by the FDIC. BB&T will not acquire any of the assets or assume any obligations of Colonial's holding company or select assets and liabilities of Colonial Bank, including any relating to Taylor, Bean and Whitaker Mortgage Corporation.
  
  Also excluded are assets and liabilities the FDIC determines are related to fraudulent or criminal activities. BB&T is indemnified by the FDIC for any liabilities not expressly assumed in the transaction, including those related to fraudulent, criminal or inappropriate activities of Colonial.
  
  
• Jack Henry & Associates, Inc. (Nasdaq: JKHY) and Goldleaf Financial Solutions, Inc. (Nasdaq: GFSI) have entered into a definitive agreement for Jack Henry to acquire Goldleaf.
  
  Under the terms of the agreement, Goldleaf will become a wholly-owned subsidiary of Jack Henry, and Goldleaf's shareholders will receive $0.98 per share in cash in exchange for their shares, representing a premium of approximately 40% over Goldleaf's closing share price on August 14, 2009. In addition, Jack Henry will retire certain of Goldleaf's outstanding debt and accrued interest obligations, which is anticipated to equal approximately $42 million at closing.
  
  "Following this merger, our revenue stream will be slightly more diversified and we anticipate long-term organic revenue growth and significant cost synergies. We believe this transaction will increase the value that we provide to our shareholders and our customers."
  
  
• GE's (NYSE: GE) MSNBC Interactive News LLC has acquired Chicago-based EveryBlock, a ground-breaking site that has pioneered the local news space by offering news and information down to the neighborhood block level in 15 cities. The acquisition answers the growing consumer demand for more local news, underscores msnbc.com's commitment to innovative news gathering and advances the site's unique ability to deliver a fuller spectrum of news.
  
  EveryBlock, which will continue as an independent brand, offers msnbc.com's highly engaged "news explorers" another avenue to discover perspectives on local news, entertainment and information. EveryBlock allows users to type in their address, neighborhood name or ZIP code to view nearby news coverage, blog entries, civic data, photos and dozens of other types of information -- all updated throughout the day.

To see all the Mergers & Acquisitions for today in real-time go to http://www.streetinsider.com/Mergers+and+Acquisitions

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• BB&T Capital Markets
• Notable Mergers and Acquisitions
• FDIC

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