Branch Banking and Trust Company (BB&T) - North Carolina History (2025)

After the Civil War, many entrepreneurs were hesitant to invest in such a torn area. However, Alpheus Branch and Thomas Jefferson Hadley saw potential in starting a banking business, and in 1872 they formed Branch and Hadley in Wilson, North Carolina. The small, private firm started lending funds to farmers and small business owners to stimulate the area’s economy. After several years of investing in Wilson’s agricultural economy, the bank experienced moderate growth, and Hadley withdrew his partnership in 1887. According to some local historians, Branch’s check of $81,000, in exchange for Hadley’s ownership, was the largest check in Wilson County up to that point in the area’s history.

The newly named Branch and Company Bankers went through several changes during the early 1900s, and it became the first bank in North Carolina to begin trust endeavors. Alpheus Branch and several other prominent businessmen in the Wilson area procured a charter from the North Carolina General Assembly in 1889. The charter allowed the bank several rights including the right to create a trust department. In 1900, Branch Banking and Company, the recently chartered bank, bought Branch and Company Bankers. After several years awaiting amended bank regulation, the bank began its trust department in 1907, and its name was changed to Branch Banking and Trust Company (BB&T) in 1913.

During the first half of the 1900s, BB&T survived two wars and the Great Depression, and became one of the larger banks in North Carolina. Through the first World War BB&T grew because of an increased government bond investment and Liberty Bond sales; Liberty Bonds were sold to give aid to the federal government during World War I. In the 1920s, the bank added new insurance and mortgage loan services to their branches, and four new banks were opened across the state. When the stock market crashed in 1929, banks in North Carolina started to break down, and more than 130 banks closed in just two years between 1930 and 1932. Even though every bank in Wilson had shut its doors during the Depression, a confident BB&T President Herbert D. Bateman added six new banks and assets increased to $13.7 million.

After World War II, BB&T experienced more growth and by 1995, BB&T had become a modern banking corporation. Post-war prosperity meant more loans and investment, and the bank reached nearly $350 million in assets. With 60 offices in 35 cities in the 1960s, BB&T continued its growth pattern in the 1970s and 1980s because of increased interstate banking and by purchasing competing banks. In the early-to-mid 1990s, the bank had expanded throughout North and South Carolina with over 260 branches, establishing itself as the fourth largest bank in North Carolina. In 1995, BB&T and Southern National Corporation, the fifth largest bank in the state, merged, and BB&T carried the name because of its wider recognition. Commonly referred to as the “merger of equals,” the consolidation with Southern National produced 437 separate banks in the Virginia and the Carolinas.

Once BB&T had absorbed Southern National its growth continued to even greater heights, and by the end of the 2000s, the bank had branched out in 12 states and in Washington, D.C. Its assets totaled $157 billion. BB&T experienced substantial growth in the late 1990s and early 2000s, and it soon opened branches as far north as Maryland and as far south as Florida. By 2002, the bank had taken control of First Citizens Bank of Georgia, BankFirst Corporation in Tennessee, and MidAmerica Bancorp in Kentucky. Also, in FDIC-assisted deals, BB&T was able to attain Coastal Financial Corporation of Myrtle Beach, S.C., and Colonial Bank of Alabama in the late-2000s.

Branch Banking and Trust Company (BB&T) - North Carolina History (2025)

FAQs

What is the history of branch banking and trust company? ›

After several years awaiting amended bank regulation, the bank began its trust department in 1907, and its name was changed to Branch Banking and Trust Company (BB&T) in 1913. During the first half of the 1900s, BB&T survived two wars and the Great Depression, and became one of the larger banks in North Carolina.

Is Branch Banking and Trust Company a real bank? ›

Building on a long tradition of excellence in community banking, BB&T offers a wide range of financial services including retail and commercial banking, investments, insurance, wealth management, asset management, mortgage, corporate banking, capital markets and specialized lending.

Is branch banking and trust the same as BB&T? ›

Branch Banking operated as a private institution until 1900, when it began operating under a charter. In 1907 it became the first bank in the state to engage in trust activities, and in 1913 its charter was amended to change the company's name to Branch Banking and Trust Company (BB&T).

What is the new name of branch banking and trust company? ›

Truist Financial

Who bought branch banking and trust? ›

Effective December 6, 2019, Truist Financial Corporation ("Truist," previously, BB&T Corporation, "BB&T") completed its previously announced merger of equals with SunTrust Banks, Inc. ("SunTrust") pursuant to an Agreement and Plan of Merger dated as of February 7, 2019 and amended as of June 14, 2019.

Who is the owner of branch company? ›

Dmitri Gaskin, Alexander Austin, Mada Seghete, and Michael Molinet are the founders of Branch.

Are BBT checks still good? ›

The bank said in its email that, after the accounts switch, BB&T users will retain several features, including online bill pay; routing numbers and deposit account numbers; direct deposits; card numbers; and wire transfer instructions. Truist also noted that it will continue to accept BB&T-labeled checks.

What is the downside of branch banking? ›

Complex management: Its management is too complex. More expenditure: Because of its big size, its expenditure is more. Delay in decision making: A bank following branch banking system may suffer from delayed decision because of limited powers of the branches..

Are Truist Bank and BB&T the same? ›

Truist Bank, formerly BB&T, offers a wide range of financial products and services for individuals and businesses, including a suite of personal banking products.

How to get $400 from Truist? ›

Truist Checking Bonus: Earn a $400 Bonus

Earn a $400 bonus when you open a new Truist One Checking account using promo code TRUIST400DC24 by October 30, 2024, receive at least one qualifying direct deposit of $500 or more and complete at least 15 qualifying debit card purchases within 90 days of account opening..

Who owns BBT? ›

Who is the owner of BB&T? BB&T merged with SunTrust to create Truist Financial in 2019. The deal was announced in February 2019 and was called a "merger of equals," although BB&T was the official acquirer -- meaning that SunTrust investors received shares of BB&T stock after the deal was finalized.

Is BB&T a big bank? ›

BB&T and SunTrust, which were ranked the 11th and 12th largest banks by assets, respectively, as of Sept. 30, 2019, now form a top-10 bank. Those two banks have around 275 years of combined history.

What was the name of the bank before BB&T? ›

Georgia General Assembly grants charter for Commercial Travelers' Savings Bank in Atlanta, which eventually became SunTrust's predecessor Trust Company of Georgia. Alpheus Branch and Thomas Jefferson Hadley join forces to form Branch and Hadley, the company that ultimately became BB&T.

What happened to Bankers Trust Company? ›

Bankers Trust was a historic American banking organization. The bank merged with Alex. Brown & Sons in 1997 before being acquired by Deutsche Bank in 1999.

Is Truist FDIC insured? ›

Truist Bank is an FDIC member. This means your money is FDIC insured up to the amount allowable by law.

Who created branch banking? ›

In 1872, Alpheus Branch and Thomas Jefferson Hadley founded the Branch and Hadley merchant bank in their hometown of Wilson, North Carolina. After many transactions, mostly with local farmers, Branch bought out Hadley's shares in 1887 and renamed the company Branch and Company, Bankers.

What did BB&T used to be? ›

The company's origins date back to its earliest predecessor, which was founded in 1911 as The People's National Bank in Orlando, Florida. The new century saw expanding opportunities for BB&T. In 1913, the charter was amended to change the name to Branch Banking and Trust Company.

When did branch banking become legal? ›

Section 1831u) enacted in the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 (“Riegle-Neal”) which authorize interstate branching.

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