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Another banking behemoth may be emerging in North Carolina to take a place beside Bank of America Corporation and Wachovia Corporation. In January, Winston-Salem — based BB&T Corporation announced that it had agreed to buy First Virginia Banks, Inc., for $3.38 billion. Since 1998, BB&T has bought 12 regional banks, worth $150 million or more, but the purchase of First Virginia is the company’s largest deal to date. To leave time to digest its latest meal, BB&T announced that it would not ladle any more acquisitions onto its plate until the end of this year. With the addition of First Virginia’s 364 branches, BB&T will now have more than 1,100 outlets, mostly located in the Southeast. BB&T had sought to buy First Virginia for almost a decade. For acquiror BB&T Corporation (Winston-Salem) n In-house: Executive vice president and general counsel Jerone Herring. n Womble Carlyle Sandridge & Rice (Winston-Salem): Corporate: Garza Baldwin III, William Davis II, Jane Jeffries Jones, Christopher Leon, and associates Leigh Johnson and Stephanie Yarbrough. Employment and employee benefits: Patrick Allen, Janice Baldwin, and Michael Gunter. Tax: C. Mark Wiley. (Baldwin and Jones are in Charlotte, North Carolina; Leon is in Atlanta; Johnson is in Durham, North Carolina). Davis has represented BB&T in several acquisitions over the past few years, including last year’s $275 million acquisition of Tallahassee-based Regional Financial Corp., and the 2001 purchase of Winchester, Virginia — based F&M National Corp. for $1.2 billion. n Arnold & Porter (Washington, D.C): Bank regulatory: A. Patrick Doyle and Michael Mierzewski, special counsel Beth DeSimone, and associates Carrie O’Brien and Vivian Wong. Arnold & Porter has represented BB&T since 1990, providing advice on the regulatory aspects of the bank’s deals. For target First Virginia Banks, Inc. (Falls Church, Virginia) n In-house: General counsel Thomas Jennings. n Wachtell, Lipton, Rosen & Katz (New York): Corporate: Edward Herlihy, Lawrence Makow, Craig Wasserman, and associates Nicholas Demmo and Krishna Veeraraghavan. Tax: Adam Chinn and associate David Passey. Antitrust: David Neill and associate Lori Sherman. Employee benefits: Jeannemarie O’Brien. First Virginia has consulted Wachtell on various issues over the last several years, but had not used the firm on a deal previously, according to company CFO and treasurer Richard Bowman. Outlook The parties hope to close the deal in July, pending approval from the Federal Reserve Board and various state bank regulatory agencies. — D.M.

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