BB&T Acquires Collateral Real Estate Capital

BB&T Corp. is acquiring Birmingham, Ala.-based Collateral Real Estate Capital, in a move that will add a Fannie Mae Delegated Underwriting and Servicing platform and also enhance the bank's Freddie Mac coverage.The terms of the deal were not disclosed. The Winston-Salem, N.C.-based bank is looking to combine Collateral with its Laureate Capital commercial mortgage banking arm, which was acquired in 2000. BB&T reports that the combined company will have a commercial real estate servicing portfolio of over $20 billion. Also, it will offer access to various commercial real estate financing avenues, including life insurance companies, pension funds, FHA, and commercial mortgage-backed securities, in addition to proprietary products. Thomas Dennard, Laureate Capital president and CEO, will be CEO of the combined company after the expected closing of the transaction in the fourth quarter.