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BB&T Corporation (Branch Banking and Trust Company) is a bank holding company based in Winston-Salem, North Carolina. 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. It was ranked 16th on the list of largest banks in the United States by assets. Its subsidiary, BB&T Insurance Services, was one of the largest insurance brokers in the world. In its history BB&T has made 106 mergers and acquisitions. Since it took over Southern National Bank in 1995, BB&T has made 43 deals. It is merging with SunTrust Banks in 2019 to form a company expected to be called Truist Financial Corporation, with a new headquarters in Charlotte, North Carolina.
Thomas Jefferson Hadley
|Headquarters||Winston-Salem, North Carolina, U.S.|
Number of locations
|North Carolina, South Carolina, Virginia, Maryland, West Virginia, Kentucky, Tennessee, Georgia, Florida, Alabama, California, Indiana, Texas, New Jersey, Ohio, Pennsylvania, Washington, D.C.|
| Kelly King, Chairman & CEO|
Christopher L. Henson, President
Daryl N. Bible, CFO
|Products||Commercial and Consumer banking|
|Revenue||US$11.651 billion (2018)|
|US$3.1 billion (2018)|
|Total assets||US$225.7 billion (2018)|
|Total equity||US$30.18 billion (2018)|
Number of employees
|Footnotes / references|
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.
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. The headquarters became BB&T Financial Center.
In 1997, Southern National Corp. took over United Carolina Bank, another eastern North Carolina-based 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. 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.
On May 19, 1997, Southern National Corp. changed its name to BB&T Corp. and its stock symbol SN to BBT.
The bank continued to expand nationwide through the 1990s, purchasing Fidelity Financial Bankshares, First Financial of Petersburg, Md., Maryland Federal Bancorp, and Franklin Bancorporation. In 1998, BB&T acquired MainStreet Financial of Martinsville, Va., and Mason-Dixon Bancshares of Westminster, Md., and further expanded into Georgia and West Virginia after purchasing First Liberty of Macon, Ga., and Matewan Bancshares.
In 2000, BB&T purchased One Valley Bancorp, which was itself formed from a combination of community banks throughout West Virginia. This move gave BB&T the largest bank presence in West Virginia.
In 2003, BB&T completed its acquisition of First Virginia Banks of Falls Church, Va.
In 2005, the bank acquired Main Street Banks of metro Atlanta for $622 million.
In February 2008, the company acquired Burkey Risk Services.
In April 2008, the company acquired UnionBanc Insurance Services.
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. 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.
In July 2008, the company acquired Puckett, Scheetz & Hogan.
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. BB&T sold the Nevada branch to U.S. Bancorp in January 2010.
In December 2008, the company acquired J. Rolfe Davis.
In November 2009, the company acquired Oswald Trippe.
In November 2011, the company acquired Precept, an employee benefits consulting firm.
In February 2012, the company acquired the life insurance and property and casualty insurance divisions of Crump Group.
In March 2014, the company acquired Woodbury & Co., an insurance broker operating in the Carolinas.
In April 2014, the company acquired Caledonian Insurance Group, which specialized in insurance brokerage services for the aviation industry.
In September 2014, the bank acquired 41 more Citigroup branches, which added 123 branches and $5.3 billion in deposits.
In April 2015, BB&T subsidiary CRC Insurance Services acquired the assets of Napco LLC, a broker of catastrophic commercial insurance.
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. The company also sold American Coastal Insurance and increased its ownership in AMRisc.
In April 2016, the company acquired Swett & Crawford, a wholesale insurance broker.
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 Street. On October 16, 2018, BB&T announced plan to move 500 employees into a 100,000-square-foot, $10 million building in Whiteville, N.C..
Merger with SunTrustEdit
On February 7, 2019, BB&T reported that it would merge with Atlanta-based SunTrust Banks in the biggest bank deal since the 2007-2009 financial crisis. The merged entity will be the sixth-largest US bank, with assets of $442 billion and market capitalization around $66 billion. BB&T will be the nominal survivor, but the merged bank plans to change its name and move its headquarters to Charlotte, North Carolina, however, it will retain significant operations in Winston-Salem. It was subsequently announced that Winston-Salem will be the bank's headquarters for community banking, while Atlanta will be the hub for wholesale banking. It could mean more jobs in both cities.
On June 12, BB&T and SunTrust announced that the merged company will be called Truist Financial Corporation. This name resulted from research that included hiring Interbrand, seeking opinions of employees of both banks, and focus groups. However, customers of both banks criticized the name on social media. Peter Atwater of The College of William and Mary said the name replaces "two great brands that had real value" and replaced it with something meaningless, a name that could be used for anything. He said the name of one of the two existing banks should be used. Sam Kilmer of Cornerstone Advisors and others said SunTrust should be the name of the merged bank. Wells Fargo analyst Mike Mayo said a change meant "risks in terms of cost and confusion."
On June 17, Truliant Federal Credit Union of Winston-Salem filed suit claiming "trademark infringement". Truliant is concerned about confusion between the similar names, including Truliant products with "Tru" in their names.
Buildings and branchesEdit
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- "CRC Insurance Services to acquire strategic assets of Napco, LLC" (Press release). PR Newswire. April 2, 2015.
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