Profile: BB&T Corp (BBT.N)

BBT.N on New York Stock Exchange

24 Dec 2014
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BB&T Corporation (BB&T), incorporated on September 24, 1968, is a financial holding company. BB&T conducts its business operations primarily through its commercial bank subsidiary, Branch Bank, and other nonbank subsidiaries. The Company’s principal operating subsidiaries include Branch Banking and Trust Company, Winston-Salem, North Carolina; BB&T Securities, LLC, Richmond, Virginia; Regional Acceptance Corporation, Greenville, North Carolina; American Coastal Insurance Company, Davie, Florida, and Sterling Capital Management, LLC, Charlotte, North Carolina. BB&T’s operations are divided into six reportable business segments: Community Banking, Residential Mortgage Banking, Dealer Financial Services, Specialized Lending, Insurance Services and Financial Services. In April 2014, the Company’s subsidiary Seibels & Williams Inc acquired Caledonian Insurance Group Inc. of Mercer Island, near Seattle.

Community Banking

Community Banking serves individual and business clients by offering a range of loan and deposit products and other financial services. As of December 31, 2012, had a network of 1,832 banking offices.

Residential Mortgage Banking

Residential Mortgage Banking retains and services mortgage loans originated by Community Banking, as well as those purchased from various correspondent originators. Mortgage loan products include fixed and adjustable rate government and conventional loans for the purpose of constructing, purchasing or refinancing residential properties. Substantially all of the properties are owner occupied. BB&T generally retains the servicing rights to loans sold. Residential Mortgage Banking earns interest on loans held in the warehouse and portfolio, earns fee income from the origination and servicing of mortgage loans and recognizes gains or losses from the sale of mortgage loans. As of December 31, 2012, BB&T’s residential mortgage servicing portfolio, which includes both retained loans and loans serviced for third parties, totaled $101.3 billion.

Dealer Financial Services

Dealer Financial Services originates loans to consumers on a prime and nonprime basis for the purchase of automobiles. Such loans are originated on an indirect basis through approved franchised and independent automobile dealers throughout the BB&T market area and nationally through Regional Acceptance Corporation. This segment also originates loans for the purchase of boats and recreational vehicles originated through dealers in BB&T’s market area. In addition, financing and servicing to dealers for their inventories is provided through a joint relationship between Dealer Financial Services and Community Banking.

Specialized Lending

BB&T's Specialized Lending consists of eight Line of business (LOBs) that provide specialty finance products to consumers and businesses. These LOBs are a combination of LOBs and operating subsidiaries of either the Company or Branch Bank. The LOBs include Commercial Finance, which contains commercial finance and mortgage warehouse lending, and Governmental Finance, which is responsible for tax-exempt government finance. Operating subsidiaries include BB&T Equipment Finance, which provides equipment leasing largely within BB&T’s banking footprint; Sheffield Financial, a division of BB&T FSB, a dealer-based financer of equipment for both small businesses and consumers; Lendmark Financial Services, a direct consumer finance lending company; Prime Rate Premium Finance Corporation, which includes AFCO and CAFO, insurance premium finance LOBs that provide funding to businesses in the United States and Canada and to consumers in certain markets within BB&T’s banking footprint; and Grandbridge, a full-service commercial mortgage banking lender providing loans on a national basis. Branch Bank clients, as well as nonbank clients within and outside BB&T’s primary geographic market area are served by these eight LOBs.

Insurance Services

BB&T's Insurance Services provides property and casualty, life and health insurance to businesses and individuals. It also provides small business and corporate services, such as workers compensation and professional liability, as well as surety coverage and title insurance. In addition, Insurance Services underwrites a limited amount of property and casualty coverage.

Financial Services

Financial Services provides personal trust administration, estate planning, investment counseling, wealth management, asset management, employee benefits services, corporate banking and corporate trust services to individuals, corporations, institutions, foundations and government entities. Financial Services also offers clients investment alternatives, including discount brokerage services, equities, fixed-rate and variable-rate annuities, mutual funds and governmental and municipal bonds through BB&T Investment Services, Inc., a subsidiary of Branch Bank. Financial Services includes a full-service brokerage and investment banking firm that provides services in retail brokerage, equity and debt underwriting, investment advice, corporate finance and equity research and facilitates the origination, trading and distribution of fixed-income securities and equity products in both the public and private capital markets. Financial Services includes a group of BB&T-sponsored private equity and mezzanine investment funds that invests in privately owned middle-market operating companies to facilitate growth or ownership transition while leveraging the Community Banking network for referrals and other bank services. Financial Services also includes the Corporate Banking Division that originates and services corporate relationships, syndicated lending relationships and client derivatives.

Company Address

BB&T Corp

200 West Second Street
P: +1336.7332000

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