BB&T is a regional financial holding company. The core of its business and franchise was created by the merger of equals between BB&T and Southern National Corporation in 1995 and the acquisition of United Carolina Bancshares in 1997. On November 13, 2008 BB&T announced its participation in the Treasury Department’s Capital Purchase Program. BB&T sold $3.13 billion in preferred stock to Treasury, additionally agreeing to pay cumulative dividends at a rate of 5% per year for the first five years and thereafter at a rate of 9% per year. The company’s headquarters are in Winston-Salem, North Carolina. The company returned the funds in full on June 17, 2009.
According to Fortune 500’s most recent annual ratings, BB&T is the 13th largest commercial U.S. Bank, based on revenues. BB&T has offices in North Carolina, South Carolina, Virginia, Maryland, Georgia, West Virginia, Tennessee, Kentucky, Alabama, Florida, Indiana and Washington, D.C.
Update, August 14, 2009: Regulators seized Colonial Bank—a regional bank based in Montgomery, Ala. with assets of $25 billion and 346 branches in five states—in the 6th largest bank failure in history. In the deal, Colonial Bank’s branches and deposits, along with most of its assets, were sold to BB&T Corp. The FDIC agreed to share losses with BB&T on $15 billion of the $22 billion in assets included in the deal. Colonial’s collapse will cost the FDIC’s deposit-insurance fund an estimated $2.8 billion; the fund stood at $13 billion as of March. The Colonial acquisition is one of BB&T’s biggest ever. BB&T will pick up hundreds of branches in Texas and throughout the southern U.S. (from the Wall Street Journal)
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| Federal Equity Investment | $3.13 billion |
| Total Revenue | $10.7 billion (2007) |
| Net Income | $1.7 billion (2007) |
| Number of Employees | 29,400 |
| Corporate Headquarters | Winston-Salem, North Carolina |
| Business Sector | Banking |
| Officers and Directors | John A. Allison IV, Chairman and Chief Executive Officer |
| Corporate Website | www.bbt.com |
| Executive Compensation | Bb&T Corp |
BB&T 2007 10-K (Annual Report)
USAspending.gov (last accessed 03/26/2009)
Center for Responsive Politics (last accessed 12/3/2008)
BB&T PAC contributions
November 24, 2008 BB&T Bank Looks To Chattanooga For Growth (The Chattanoogan)
November 18, 2008 Sector Snap: Regional Banks mostly fall (Forbes/AP)
November 12, 2008 BB&T to Sponsor Bowyer, RCR’s No. 33 Chevrolet for 10 Sprint Cup Races in 2009(whowon.com)
November 8, 2008 BB&T gives FSU $3M in gifts (Tallahassee Democrat)
November 7, 2008 BB&T funds UCF business ethics program (Orlando Business Journal)
October 27, 2008 BB&T to participate in U.S. Treasury program (BB&T press release)
October 16, 2008 BB&T reports net income of $358 million (BB&T press release)
September 27, 2008 Wachovia struggling as BB&T makes gain (Winston-Salem Journal)
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