BB&T cuts jobs at FirstVirginia

WINSTON-SALEM, N.C. (AP) — BB&T Corp. will cut 940 jobs in Virginia to reduce back-office staff as part of its purchase of First Virginia Banks Inc.

BB&T completed the $3.4 billion purchase of First Virginia, its largest acquisition to date, on July 1. The jobs cuts will take effect about Oct. 17, when First Virginia’s branches will be converted to BB&T branches, First Virginia spokesman Doug Church said.

Only First Virginia employees are affected by the layoffs, the banks said. Mr. Church said 543 positions are being eliminated at the former First Virginia headquarters in Falls Church.

BB&T said it is trying to achieve a 40 percent cost savings in the acquisition, and the layoffs are part of the plan.