Huntington Regional Chamber of Commerce's annual dinner set for May 19

    HUNTINGTON — BB&T will present the Huntington Regional Chamber of Commerce’s 119th Annual Dinner with Keynote Speaker John Jung, BB&T’s Capital Markets Operating Officer, on Wednesday, May 19, at the Pullman Plaza Hotel, 1001 Third Ave., Huntington. 

    Jung is Senior Marketing Director of Scott & Stringfellow, a BB&T Corporation Affiliate and full-service regional brokerage subsidiary. A member reception will be at 5 p.m. followed by the dinner with seating beginning at 5:45 p.m.

    Jung has 26 years of experience in the capital markets business and holds a Bachelor of Science degree in Systems Engineering and a Master’s degree in Business Administration from the University of Virginia.

    BB&T Corporation, headquartered in Winston-Salem, N.C., is among the nation's top financial-holding companies. Its bank subsidiaries operate more than 1,800 financial centers in the Carolinas, Virginia, West Virginia, Kentucky, Georgia, Tennessee, Maryland, Florida, Alabama, Indiana, Texas and Washington, D.C.

    Various sponsorship opportunities are now available, contact the Chamber at (304) 525-5131 for information.

BB&T reports lower earnings in 2009

    WINSTON-SALEM, N.C. -- BB&T Corp. has reported earnings for the fourth quarter and the full year 2009. For the fourth quarter, net income totaled $194 million, or $.27 per diluted common share, compared with $307 million, or $.51 per diluted common share, earned during the fourth quarter of 2008. Results for the fourth quarter of 2009 produced annualized returns on average assets and average common shareholders' equity of .47% and 4.52%, respectively. 

    "I am pleased to report solid fourth quarter earnings, given the current credit cycle, and pleased to convey a number of very positive trends in our performance," said Chairman and Chief Executive Officer Kelly S. King. "We enjoyed record net revenues for 2009, driven by strong mortgage banking income of $658 million and record insurance income, which exceeded $1 billion, as well as solid growth in net interest income. Our revenue growth for the quarter was robust at 22.7% and the net interest margin improved to 3.80% for the quarter. Growth in average noninterest-bearing deposits continues to be exceptional, at 41.5%, and average client deposits increased 28.8%."

    For the full year 2009, BB&T's net income was $877 million, compared with $1.5 billion earned in 2008. Diluted earnings per common share for 2009 totaled $1.15, compared with $2.71 earned during the same period in 2008. Results for the full year 2009 produced returns on average assets and average common shareholders' equity of .56% and 4.93%, respectively. 

Noninterest revenues increase 20.2% led by mortgage banking revenue, up 86.8% 

    Noninterest income increased $163 million, or 20.2%, during the fourth quarter of 2009 compared with the same quarter of 2008. These increases reflect a very strong performance from BB&T's mortgage banking operations during the quarter, as well as increased revenue from BB&T's insurance operations. The increase also reflects growth in service charges on deposit accounts, checkcard fees and other nondeposit fees and commissions. 

   BB&T earned $142 million in mortgage-related revenue in the fourth quarter of 2009, an increase of 86.8% compared with the fourth quarter of 2008. The growth in mortgage banking income is due to continued strong production revenue from residential mortgage banking operations and increased servicing income as a result of growth in the servicing portfolio. BB&T originated $5.3 billion of mortgage loans during the fourth quarter of 2009 and enjoyed record production of $28.2 billion for the full year 2009. 

    BB&T earned $260 million in insurance-related revenue in the fourth quarter, up $13 million, or 5.3%, compared with the fourth quarter of 2008. The increase in insurance income was due to growth in property and casualty fees and growth resulting from acquisitions. 

    Service charges on deposit accounts totaled $186 million in the fourth quarter of 2009, an increase of $15 million compared to the same quarter of 2008.  Checkcard fees and other nondeposit fees and commissions increased 24.0% and 30.6%, respectively, compared to the fourth quarter of 2008. 

    At Dec. 31, 2009, BB&T had $165.8 billion in assets and operated 1,857 banking offices in the Carolinas, Virginia, West Virginia, Kentucky, Georgia, Maryland, Tennessee, Florida, Alabama, Texas, Indiana and Washington, D.C. BB&T's common stock is traded on the New York Stock Exchange under the trading symbol BBT. For more information visit the company's website at www.BBT.com . 

BB&T Chairman to deliver lecture Nov. 3 at Marshall University

HUNTINGTON – John A. Allison, Chairman of BB&T Corporation, the 10th-largest financial services holding company in the United States, will deliver the 2009 BB&T Discussion on American Capitalism Lecture at 11 a.m. Tuesday, Nov. 3 at Marshall University.

Allison’s lecture, titled “Principled Leadership,” will take place in Corbly Hall 105 on Marshall’s Huntington campus. The event, which is open to the public, is sponsored by the BB&T Center for the Advancement of American Capitalism and Marshall’s Lewis College of Business.

The Center was established in 2008 as part of a $1 million grant from the BB&T Charitable Foundation. It is part of the Lewis College of Business.

“In a time when the ethics and abilities of financial institution executives are under scrutiny, John Allison is an example of what a leader should be,” said Dr. Cal Kent, Vice President for Business and Economic Research, and director of the BB&T Center for the Advancement of American Capitalism. “Under his leadership BB&T has remained profitable by sticking with the fundamental principals of sound banking. His high ethical code permeates the organization. If his example had been followed much of the nation’s current economic misery would not have come to pass. It is an honor to host him on our campus.”

Allison began his service with BB&T in 1971 and has managed a wide variety of responsibilities throughout the bank. He became president of BB&T in 1987 and was elected Chairman and CEO in July 1989. During Allison’s tenure as CEO from 1989 to 2008, BB&T grew from $4.5 billion to $152 billion in assets. In March 2009, he joined the faculty of Wake Forest University School of Business as Distinguished Professor of Practice.

Allison is a Phi Beta Kappa graduate of the University of North Carolina at Chapel Hill, where he received a B.S. degree in business administration in 1971. He received his master’s degree in management from Duke University in 1974. He also is a graduate of the Stonier Graduate School of Banking and has received Honorary Doctorate Degrees from Clemson University (2005), East Carolina University (1995), Mount Olive College (2002), Marymount University (2008), and Mercer University (2009). Allison received the Corning Award for Distinguished Leadership in 2009.

BB&T reports lower third quarter results than prior year

WINSTON-SALEM, N.C. -- BB&T Corporation (NYSE:BBT) today reported $157 million in net income for the third quarter, or $.23 per diluted common share, compared with $362 million, or $.65 per diluted common share, earned during the third quarter of 2008. The third quarter results produced annualized returns on average assets and average common shareholders' equity of .40% and 3.90%, respectively.

For the first nine months of the year, BB&T's net income was $683 million, compared with $1.2 billion earned in the first nine months of 2008. Diluted earnings per common share for the first nine months of 2009 totaled $.88, compared with $2.20 earned during the same period in 2008. Results for the first nine months of 2009 produced annualized returns on average assets and average common shareholders' equity of .60% and 5.09%, respectively.

On Aug. 14, BB&T assumed all of the deposits and acquired certain assets and other liabilities of Colonial Bank (Colonial), headquartered in Montgomery, Ala., from the Federal Deposit Insurance Corporation (FDIC). Colonial operated 357 banking offices in Alabama, Florida, Georgia, Texas and Nevada. The acquisition significantly strengthened BB&T's banking franchise, moving BB&T to fifth in deposit market share in Florida and fourth in Alabama.

BB&T last week jointly announced an agreement with U.S. Bank to sell Colonial branches and related deposits in Nevada in the first quarter of 2010. The agreement excludes substantially all of the loans associated with these branches, which will remain with BB&T and remain covered by the FDIC loss-share agreement.

At Sept. 30, BB&T had $165.3 billion in assets and operated 1,859 banking offices in the Carolinas, Virginia, West Virginia, Kentucky, Georgia, Maryland, Tennessee, Florida, Alabama, Texas, Nevada, Indiana and Washington, D.C. BB&T's common stock is traded on the New York Stock Exchange under the trading symbol BBT. For additional information about BB&T's financial performance, company news, products and services, please visit our Web site at www.BBT.com .