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CHARLOTTE, N.C., Nov 5 (Reuters) - BB&T Corp Chief Executive Kelly King said the bank's integration of failed Alabama-based Colonial Bank is scheduled to be completed by May 2010. King, speaking at the BancAnalysts Association of Boston conference on Thursday, said he expects the former Montgomery, Alabama-based bank's operations to assimilate into BB&T's without too many problems. "We haven't lost our touch in doing these things," said King. BB&T has bought 60 banks since 2000, according Federal Deposit Insurance Corp data. BB&T bought Colonial, with Federal Deposit Insurance Corp help, on Aug.
14 in the biggest bank failure so far this year. It added $22 billion in assets and $20 billion in deposits to the Winston-Salem, North Carolina-based lender's balance sheet, which now totals $165 billion. The deal included a loss-sharing agreement between the regulator and BB&T covering $15 billion of Colonial's assets. King said the bank is not done looking for potential acquisition targets, either through FDIC-assisted deals or organic combinations. But he stressed the bank's days of serial deal-making, in the current economy, were behind it. "We're not going back to the days of doing 4,5,6,7,8 mergers a year," King said. "And we're going to pursue them only when they make strategic sense." BB&T shares were down 0.5 percent to $23.90 in morning trading. (Reporting by Joe Rauch; Editing by Tim Dobbyn) Keywords: BBT/COLONIAL (joe.rauch@thomsonreuters.com; +1 704 692 5885; Reuters Messaging: joe.rauch.reuters.com@reuters.net ) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.
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