Bailout Bank Bio: BB&T Corporation

Dec 3, 2008 | By Carla Baldwin | 4 min read | Print Article

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 13^th 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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Bailout Bank Bio: BB&T

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 Other Officers and Directors
Corporate Website	www.bbt.com
Executive Compensation	Bb&T Corp