Truist Financial: Difference between revisions
m Robot - Removing category NASCAR sponsors per CFD at Wikipedia:Categories for discussion/Log/2007 October 8. |
I'm willing to believe WW2 was good for BB&T, but whether it was good for the American economy as a whole is a controversial question, AFAIK. |
||
| Line 24: | Line 24: | ||
BB&T sold [[Liberty Bonds]] during [[World War I]] and grew to have more than $4 million in [[assets]] by [[1923]]. An [[insurance]] division was added in [[1922]], followed by a [[mortgage]] division in 1923. As banks across the nation failed as a result of the [[1929 Stock Market Crash]], BB&T survived; it was the only one to do so in the town of Wilson. |
BB&T sold [[Liberty Bonds]] during [[World War I]] and grew to have more than $4 million in [[assets]] by [[1923]]. An [[insurance]] division was added in [[1922]], followed by a [[mortgage]] division in 1923. As banks across the nation failed as a result of the [[1929 Stock Market Crash]], BB&T survived; it was the only one to do so in the town of Wilson. |
||
[[World War II]] revived BB&T |
[[World War II]] revived BB&T. BB&T's prosperity continued into the 1960s, as [[merger]]s and [[acquisition]]s grew to company to $343 million in assets with new branches in 35 cities. By [[1994]], BB&T had become [[North Carolina]]'s largest bank with $10.5 billion in assets and 263 offices in 138 cities in [[the Carolinas]]. |
||
In [[1995]], BB&T and Southern National Bank completed a "merger of equals", giving the new BB&T 437 branches in 220 cities in the Carolinas and [[Virginia]]. The bank continued to expand nationwide through the 1990s, purchasing Fidelity Federal Bankshares, First Financial of Petersburg, Maryland Federal Bancorp and Franklin Bancorporation in the Virginia/[[Maryland]] area. In [[1999]], BB&T acquired MainStreet Financial Corp. of Martinsville, and Mason-Dixon Bancshares of Westminster, and further expaned into [[Georgia (U.S. state)|Georgia]] and [[West Virginia]] after purchasing First Liberty of Macon and Matewan Bancshares. |
In [[1995]], BB&T and Southern National Bank completed a "merger of equals", giving the new BB&T 437 branches in 220 cities in the Carolinas and [[Virginia]]. The bank continued to expand nationwide through the 1990s, purchasing Fidelity Federal Bankshares, First Financial of Petersburg, Maryland Federal Bancorp and Franklin Bancorporation in the Virginia/[[Maryland]] area. In [[1999]], BB&T acquired MainStreet Financial Corp. of Martinsville, and Mason-Dixon Bancshares of Westminster, and further expaned into [[Georgia (U.S. state)|Georgia]] and [[West Virginia]] after purchasing First Liberty of Macon and Matewan Bancshares. |
||
Revision as of 02:12, 15 October 2007
| File:Logobottom interior.gif | |
| Company type | Public (NYSE: BBT) |
|---|---|
| Industry | Finance, Investments, and Insurance |
| Founded | 1872 |
| Headquarters | Winston-Salem, North Carolina |
Key people | John A. Allison IV, Chairman and CEO |
| Products | Commercial banking, Investment banking |
| Revenue | $7,831,500,000 |
Number of employees | 27,700 |
| Website | www.bbt.com |
The BB&T Corporation (NYSE: BBT) is one of America's largest banks, offering full-service commercial and retail banking services along with other financial services like insurance, investments, retail brokerage, mortgage, corporate finance, consumer finance, payment services, international banking, leasing, and trust. Based in Winston-Salem, North Carolina with $121.7 billion in assets (as of March 2007), BB&T operates more than 1,500 financial centers in the U.S. South, throughout the states of North Carolina, South Carolina, Virginia, Maryland, West Virginia, Kentucky, Tennessee, Georgia, Florida, Alabama and Indiana, and in Washington, D.C.. The "BB&T" acronym stands for "Branch Banking and Trust".
History
BB&T's beginnings date back to 1872, when Alpheus Branch and Jefferson Hadley founded the "Branch and Hadley" merchant bank in their small hometown of Wilson, North Carolina. After many transactions, mostly with local farmers, Branch bought out Hadley's shares in 1887 and renamed the company to "Branch and Company, Bankers". Two years later, Branch, his father father-in-law Gen. Joshua Barnes, Hadley, and three other men, secured a charter from the North Carolina General Assembly to operate the "Wilson Banking and Trust Company". After numerous additional name changes, the company finally settled on the name "Branch Banking and Company". Branch remained an active member in the company until his death in 1893.
In 1900, all of Branch's banking companies consolidated as Branch Banking and Company, allowing the institution to expand its services. In 1902 a savings department was created and in 1907 a trust department was authorized; this made Branch's company the first in the state to engage in trust activities. The bank made its final name change in 1913 to "Branch Banking and Trust", or BB&T, to reflect its new activities.
BB&T sold Liberty Bonds during World War I and grew to have more than $4 million in assets by 1923. An insurance division was added in 1922, followed by a mortgage division in 1923. As banks across the nation failed as a result of the 1929 Stock Market Crash, BB&T survived; it was the only one to do so in the town of Wilson.
World War II revived BB&T. BB&T's prosperity continued into the 1960s, as mergers and acquisitions grew to company to $343 million in assets with new branches in 35 cities. By 1994, BB&T had become North Carolina's largest bank with $10.5 billion in assets and 263 offices in 138 cities in the Carolinas.
In 1995, BB&T and Southern National Bank completed a "merger of equals", giving the new BB&T 437 branches in 220 cities in the Carolinas and Virginia. The bank continued to expand nationwide through the 1990s, purchasing Fidelity Federal Bankshares, First Financial of Petersburg, Maryland Federal Bancorp and Franklin Bancorporation in the Virginia/Maryland area. In 1999, BB&T acquired MainStreet Financial Corp. of Martinsville, and Mason-Dixon Bancshares of Westminster, and further expaned into Georgia and West Virginia after purchasing First Liberty of Macon and Matewan Bancshares.
From 2000 to 2005, BB&T acquired numerous smaller banks, expanding into Tennessee, Kentucky, and even Florida. As of Dec. 31, 2005, BB&T Corporation has $109.2 billion in assets; operates more than 1,500 banking offices in 11 states and the District of Columbia; and has more than 28,000 employees.
In early 2007 BB&T acquired Coastal Federal Bank which is primarily located in Myrtle Beach, South Carolina. It has been one of the Carolina's fastest growing banks. after BB&T's announcement of an opportunity for a "merger of equals" it's often been speculated for a merger with either Fifth/Third of Cincinnati or Suntrust of Atlanta.
Response to Kelo v. New London
On January 25, 2006, BB&T announced through a press release that it would not lend money to developers to build commercial projects on land purchased from private citizens by the government through the power of eminent domain. This was a reaction to the United States Supreme Court's decision in Kelo v. New London in 2005 that such transfers are permissible.[1]
External links
Data
References
- ^ Nowell, "BB&T ends loans for eminent domain", USA today, 2006