BB&T

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BB&T Corporation
Public
Traded as
IndustryFinancial services
Founded1872; 146 years ago (1872)
FoundersAlpheus Branch
Thomas Jefferson Hadley
HeadquartersWinston-Salem, North Carolina, U.S.
Number of locations
Decrease 2,049 branches
Area served
North Carolina, South Carolina, Virginia, Maryland, West Virginia, Kentucky, Tennessee, Georgia, Florida, Alabama, California, Indiana, Texas, New Jersey, Ohio, Pennsylvania, Washington, D.C.
Key people
Kelly King, Chairman & CEO
Christopher L. Henson, President
Daryl N. Bible, CFO
ProductsCommercial and Consumer banking
Investment banking
Insurance
Mortgage
RevenueIncrease US$12.156 billion (2017)
Decrease US$2.394 billion (2017)
Total assetsIncrease US$221.642 billion (2017)
Total equityDecrease US$29.648 billion (2017)
Number of employees
Decrease 36,484 (2017)
Websitebbt.com
Footnotes / references
[1]

BB&T Corporation (Branch Banking and Trust Company) is a bank holding company based in Winston-Salem, North Carolina.[2] Its bank operates 2,049 branches in 15 states and Washington, D.C., and offers consumer and commercial banking, securities brokerage, asset management, mortgage, and insurance products and services.[1] It is ranked 16th on the list of largest banks in the United States by assets. Its subsidiary, BB&T Insurance Services, is one of the largest insurance brokers in the world.[3]

History[edit]

In 1872, Alpheus Branch and Thomas Jefferson Hadley founded the Branch and Hadley merchant bank in their hometown of Wilson, North Carolina. After many transactions, mostly with local farmers, Branch bought out Hadley's shares in 1887 and renamed the company Branch and Company, Bankers. Two years later, Branch, his 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 many more name changes, the company finally settled on the name Branch Banking and Trust Company. Branch remained an active member in the company until his death in 1893. The 1903 Branch Banking and Trust Company Building at Wilson was listed on the National Register of Historic Places in 1978.[4]

BB&T sold Liberty Bonds during World War I and grew to have more than $4 million in assets by 1923. BB&T Insurance Services was added in 1922 and a mortgage division was added in 1923. Even though banks across the United States 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.

In 1995, the bank merged with Southern National Bank, another bank with roots in the eastern part of the state. This gave BB&T 437 branches in 220 cities in the Carolinas and Virginia. The merged bank would be called BB&T, though at first, the holding company was Southern National Corp. With $19 billion in assets, BB&T would have the most North Carolina deposits and branches of any bank. Southern National head Glenn Orr and new BB&T chairman John Allison said the merger would likely prevent out-of-state banks from taking over. Orr retired once the merger was complete.[5] The headquarters became BB&T Financial Center.[6]

In 1997, Southern National Corp. took over United Carolina Bank in a $985 million deal announced in November 1996. UCB had $4.5 billion in assets. 400 employees worked in Whiteville but despite losing the headquarters, the town would eventually have 500 BB&T employees working at a 250-employee call center and other operations.[7][8][9] Starting September 22, 1997, 91 UCB branches began the process of changing to BB&T, and 67 other branches of the two banks closed starting in October because they were close to other BB&T locations.[10][11]

On May 19, 1997, Southern National Corp. changed its name to BB&T Corp. and its stock symbol SN to BBT.[12]

The bank continued to expand nationwide through the 1990s, purchasing Fidelity Financial Bankshares,[13] First Financial of Petersburg, Maryland, Maryland Federal Bancorp,[14] and Franklin Bancorporation.[15] In 1998, BB&T acquired MainStreet Financial of Martinsville, Virginia,[16][17] and Mason-Dixon Bancshares of Westminster, Maryland,[18] and further expanded into Georgia and West Virginia after purchasing First Liberty of Macon, Georgia,[19] and Matewan Bancshares.[20]

In 2000, BB&T purchased One Valley Bancorp, which was itself formed from a combination of community banks throughout West Virginia. This made BB&T the largest bank presence in West Virginia.

In 2003, BB&T completed its acquisition of First Virginia Banks of Falls Church, Virginia.

In 2005, the bank acquired Main Street Banks of metro Atlanta for $622 million.[21]

In 2006, the bank acquired Coastal Federal Bank, based in Myrtle Beach, South Carolina.[22]

In February 2008, the company acquired Burkey Risk Services.[23]

In April 2008, the company acquired UnionBanc Insurance Services.[24]

In late 2008, the bank accepted $3.1 billion in bailout money through the sale of preferred shares to the U.S. Treasury's Troubled Asset Relief Program. In June 2009, the bank repurchased the shares.[25] Also in June 2009, its chairman, John A. Allison IV delivered a keynote address to a meeting of the Competitive Enterprise Institute, where he claimed to show how government regulation caused the financial crisis of 2007–2008.[26]

In July 2008, the company acquired Puckett, Scheetz & Hogan.[27]

On August 14, 2009, the bank acquired Colonial Bank after its seizure by the FDIC. This acquisition added more than 340 branches in Alabama, Florida, Georgia, Nevada, and Texas, along with approximately $22 billion in assets.[28][29] BB&T sold the Nevada branch to U.S. Bancorp in January 2010.[30]

In December 2008, the company acquired J. Rolfe Davis.[31]

In November 2009, the company acquired Oswald Trippe.[32]

In September 2011, the company acquired Liberty Benefit Insurance Services, an agency operating in California.[33] The company also acquired Atlantic Risk Management.[34]

In November 2011, the company acquired Precept, an employee benefits consulting firm.[35]

In February 2012, the company acquired the life insurance and property and casualty insurance divisions of Crump Group.[36]

In July 2012, the bank acquired BankAtlantic, and its $2.1 billion in loans and $3.3 billion in deposits.[37] The company also began selling flood insurance online.[38]

In December 2013, the bank acquired 21 Citigroup branches in Texas for $36 million, adding $1.2 billion in deposits.[39]

In March 2014, the company acquired Woodbury & Co., an insurance broker operating in the Carolinas.[40]

In April 2014, the company acquired Caledonian Insurance Group, which specialized in insurance brokerage services for the aviation industry.[41]

In September 2014, the bank acquired 41 more Citigroup branches, which added 123 branches and $5.3 billion in deposits.[42]

In April 2015, BB&T subsidiary CRC Insurance Services acquired the assets of Napco LLC, a broker of catastrophic commercial insurance.[43]

In June 2015, the bank acquired Bank of Kentucky for $363 million, which added $1.9 billion in assets and gave BB&T a presence in the Northern Kentucky-Cincinnati market, and its first branches in Ohio.[44] The also company sold American Coastal Insurance and increased its ownership in AMRisc.[45]

In August 2015, the bank acquired Susquehanna Bank for $2.5 billion, adding 240 branches and $18.7 billion in assets, and marking the bank's entry into Pennsylvania and New Jersey.[46]

In April 2016, the company acquired Swett & Crawford, a wholesale insurance broker.[47]

In April 2016, the bank acquired National Penn for $1.8 billion, which added 124 branches in Pennsylvania, New Jersey, and Maryland, $9.6 billion in assets, and $6.7 billion in deposits.[48]

On August 29, 2018, BB&T announced as many as 630 employees would move from its former corporate headquarters on West Nash Street in Wilson to a $35 million, 95,000-square-foot facility on Pine Steeet. On October 16, 2018, BB&T announced plan to move 500 employees into a 100,000-square-foot, $10 million building in Whiteville, North Carolina.[49]

Buildings and branches[edit]

References[edit]

  1. ^ a b "BB&T Corporation 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ "BB&T Corp". Fortune. Retrieved 2018-11-25.
  3. ^ Bonner, Marianne (July 13, 2017). "15 Largest Insurance Brokerages". The Balance.
  4. ^ National Park Service (2010-07-09). "National Register Information System". National Register of Historic Places. National Park Service.
  5. ^ Tim Gray, "BB&T, Southern National banks plan to merge," The News & Observer, August 2, 1994.
  6. ^ Taft Wireback, "Presidential Candidate Keyes Speaks in Triad," Greensboro News & Record, January 26, 1996, p. B2.
  7. ^ Kristina Bartlett, "UCB deal could hit hard in Whiteville," Star-News, November 5, 1996.
  8. ^ Jay McIntosh, "Banks Line Up Against S&L's Conversion," The Charlotte Observer, January 23, 1990.
  9. ^ Melissa Wahl, "Bank Center to Close," The Charlotte Observer, March 15, 1997.
  10. ^ Doug Campbell, "BB&T to Replace Branches of UCB," Greensboro News & Record, September 20, 1997.
  11. ^ Catherine Pritchard, "Banking Offices to Consolidate," The Fayetteville Observer, September 20, 1997.
  12. ^ "Year of Changes," Greensboro News & Record, July 20, 1997.
  13. ^ "SNB completes acquisition". American City Business Journals. March 3, 1997.
  14. ^ "BB&T To Acquire Maryland Federal Bancorp, Inc" (Press release). PR Newswire. February 25, 1998.
  15. ^ Singletary, Michelle; Behr, Peter (December 17, 1997). "NORTH CAROLINA COMPANY TO BUY FRANKLIN BANCORP". The Washington Post.
  16. ^ "BB&T To Acquire MainStreet of Martinsville, Va" (Press release). PR Newswire. August 27, 1998.
  17. ^ Berselli, Beth (August 28, 1998). "BB&T TO ACQUIRE MAINSTREET". The Washington Post.
  18. ^ "BB&T To Acquire Mason-Dixon Bancshares Of Westminster, Md" (Press release). PR Newswire. January 28, 1999.
  19. ^ "BB&T to acquire First Liberty Financial Corp. of Macon, Ga" (Press release). PR Newswire. April 28, 1999.
  20. ^ "BB&T to buy W. Va. bank". American City Business Journals. February 25, 1999.
  21. ^ "BB&T to acquire Main Street Banks Inc. of metro Atlanta" (Press release). PR Newswire. December 15, 2005.
  22. ^ "BB&T to acquire Coastal Financial Corporation of Myrtle Beach, S.C." (Press release). PR Newswire. December 21, 2006.
  23. ^ "BB&T Insurance acquires Maitland firm". American City Business Journals. February 29, 2008.
  24. ^ "BB&T to buy UnionBanc Insurance Services". American City Business Journals. April 24, 2008.
  25. ^ "2 Banks Exit TARP, With More to Follow". The New York Times. June 17, 2009.
  26. ^ Allison IV, John A. (June 11, 2009). "Transcript of Keynote Address" (PDF). Competitive Enterprise Institute.
  27. ^ "BB&T Insurance buys Myrtle Beach agency". American City Business Journals. July 30, 2008.
  28. ^ "BB&T Takes Over Colonial Bank". The New York Times. August 14, 2009.
  29. ^ Isidore, Chris; Pepitone, Julianne (August 15, 2009). "BB&T buys Colonial bank; 4 other banks fail". CNNMoney.
  30. ^ "U.S. Bank Completes Purchase of Nevada Banking Operations from BB&T Corporation" (Press release). Business Wire. January 19, 2010.
  31. ^ "BB&T Insurance buys Florida firm". American City Business Journals. December 18, 2008.
  32. ^ "BB&T Insurance buys Oswald Trippe". American City Business Journals. November 3, 2009.
  33. ^ "BB&T Insurance Services to acquire California agency" (Press release). PR Newswire. September 22, 2011.
  34. ^ "BB&T Insurance Services to acquire Atlantic Risk Management" (Press release). PR Newswire. September 27, 2011.
  35. ^ "BB&T to acquire California insurance agency, Precept" (Press release). PR Newswire. November 3, 2011.
  36. ^ "Crump Group, Inc. Announces Sale of Life and Property & Casualty Insurance Divisions to BB&T" (Press release). Business Wire. February 3, 2012.
  37. ^ Rothacker, Rick (July 31, 2012). "BB&T to close BankAtlantic deal after receiving Fed OK". Reuters.
  38. ^ "BB&T adds flood insurance to its online offerings" (Press release). PR Newswire. June 27, 2012.
  39. ^ Craver, Richard (December 18, 2013). "BB&T acquires 21 Citigroup branches in Texas". Winston-Salem Journal.
  40. ^ "BB&T Insurance Services to acquire Woodbury & Co" (Press release). PR Newswire. March 27, 2014.
  41. ^ "McGriff, Seibels & Williams to acquire Caledonian Insurance Group" (Press release). PR Newswire. April 2, 2014.
  42. ^ Campbell, Dakin; Dexheimer, Elizabeth (September 3, 2014). "BB&T buying 41 branches in Texas from Citigroup". Fort Worth Star-Telegram. Bloomberg News.
  43. ^ "CRC Insurance Services to acquire strategic assets of Napco, LLC" (Press release). PR Newswire. April 2, 2015.
  44. ^ "BB&T completes The Bank of Kentucky acquisition" (Press release). PR Newswire. June 22, 2015.
  45. ^ "BB&T Insurance completes ownership increase in leading managing general underwriter and the divestiture of insurance company" (Press release). PR Newswire. June 1, 2015.
  46. ^ "BB&T closes Susquehanna Bancshares acquisition" (Press release). PR Newswire. August 3, 2015.
  47. ^ "BB&T closes on Swett & Crawford acquisition" (Press release). PR Newswire. April 1, 2016.
  48. ^ "BB&T closes National Penn acquisition" (Press release). PR Newswire. April 4, 2016.
  49. ^ Craver, Richard (October 18, 2018). "The Briefcase: BB&T consolidating operations in Whiteville". Winston-Salem Journal.

External links[edit]