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BB&T

Company nameBB&T Corporation
Company typePublic (Nyse - BBT)
S&P 500 Component
IndustryFinance, Investments, and Insurance
Founded1872
HeadquartersWinston-Salem, North Carolina, United States
Area servedNorth Carolina, South Carolina, Virginia, Maryland, West Virginia, Kentucky, Tennessee, Georgia, Florida, Alabama, Indiana, Texas, Washington, D.C.
Key peopleKelly S. King (CEO) (Chairman)
ProductsCommercial banking, Investment banking
Revenue(+)US$11.1B (FY 2010)
Net income(+)US$816M (FY 2010)
Total assets(-)US$157B (FY 2010)
Total equity(+)US$16.5B (FY 2010)
Employees31603

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BB&T Corporation (Branch Banking & Trust) (NYSE - BBT) is an American bank with assets of $157 billion (March 2011), offering full-service commercial and retail banking services along with other financial services like insurance, investments, retail brokerage, mortgage, corporate finance, consumer finance, payment services, international banking, leasing and trust. Based in Winston-Salem, North Carolina, BB&T operates more than 1,850 financial centers in the United States of North Carolina, South Carolina, Virginia, Maryland, West Virginia, Kentucky, Tennessee, Georgia, Florida, Alabama, Indiana, Texas, and in Washington, D.C..

It is also notable for certain ideological stances taken by its management, and for its financial support of academic programs teaching the philosophy of Ayn Rand.

In June 2009, its chairman, John A. Allison IV delivered a keynote address to a meeting of the center-right Competitive Enterprise Institute, where he said government regulation caused the 2007-2009 financial collapse. The bank had been forced to accept $3.1 billion in bailout money through the U.S. Treasury's Troubled Asset Relief Program.

Earlier, in 2006, BB&T said it wouldn't lend money for commercial projects on property acquired through eminent domain. This was a reaction to the United States Supreme Court's decision in Kelo v. New London in 2005 that such transfers are permissible.


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