our account a History of BB&T

1 A History of BB&Tour accountour account a History of BB&TFirst edition 1962 Second edition 1963 Third edition 1979 Fourth edition 1986 Fifth edition 1988 Sixth edition 1990 Seventh edition 1991 Eighth edition 1992 Ninth edition 1999 Tenth edition 2012 About the CoverLeft In 1903 Branch Banking built this neo-classical structure in Wilson, , as its headquarters. It was the first structure in Wilson County placed on the National Register of Places. In 2012, the building housed the Wilson Arts , right BB&T s corporate headquarters building in Winston-Salem, , right Bryan Larsen s Our Best Days are Ahead painting, which was used on the cover of the 2008 BB&T Annual Review, was the inspiration for this BB&T Lighthouse painting. Created in 2009, Larsen s Lighthouse painting symbolized the strength, stability and dependable beacon of light BB&T Corporation portrayed during the height of the to all those who helped make this tenth edition of the BB&T History Book possible.

2 Capturing the past several years of BB&T s History would not have been possible without the countless individuals who shared memories, photos, facts and figures as well as assisted in fact-checking, proofreading and more. Special thanks to J. Moore Bannister for coordinating and conducting interviews and research; Sharon Berry for conducting interviews and research and capturing it in writing; and Jennifer Reardon for creating the design and layout of Our account : A History of BB&T. Table Of ContentsChapter PageI. Introduction ..18 A New Era ..18II. A Survivor ..22 The World Of Branch And Hadley ..22 Credit And The Private Banker ..24 III. Branch And Hadley ..28 Alpheus Branch ..29 Thomas Jefferson Hadley ..30 The Panic Of 1873 ..30 Wilson In The 1880S ..32 Branch And Company, Bankers ..32 The Charter Of 1889 ..34 Wilson In The 1890S ..34 The Death Of Alpheus Branch ..34 A Gentleman Of Brawny Brain.

3 35 North Carolina Bankers Association ..38IV. Bank Of Lumberton Opens ..40 Angus Mclean ..40 Banking Only One Of Mclean s Goals ..42 Committed To Lumberton Customers ..43 Image Gone As Small-Town Bank ..43V. The Early Years Of The Bank Of Lumberton ..46 The Panic Of 1907 ..46 Growth Comes Quickly ..47 Federal Reserve Act ..48 The Death Of Angus Mclean ..48VI. Branch Banking Company ..50 The Turn Of The Century Brings Prosperity ..50 Henry Groves Connor ..52 The Trust Mr. Hales Handles A Crisis ..54 Anxious Days Remembered ..57 Chapter PageVII. Branch Banking And Trust Company, 1913-1933 ..60 A New Name And A New President ..60 Monetary Reforms ..60 Sidney Graham Mewborn ..62 World War I ..62 Progress In The 1920S ..64 Herbert Dalton Bateman ..64 Banks Of Wilson ..64 Banks Established In Wilson Prior To 1931 ..65 The Opening Of Branch Offices, 1921-1931 ..65 Isolationism ..66 Branch Investment Company.

4 66 Economic Tragedy ..67 A Run On Wilson Banks ..68 VIII. Branch Banking And Trust Company, 1933-1952 ..72 The Government Steps In ..72 Reconstruction Finance Corporation ..72 The Recovery Begins ..72 The Bond Department ..73 The Trust New Branch Offices ..74 World War Ii ..74 Post War Period ..76 The Correspondent Bank Department ..77 Growth Under Mr. Bateman ..77IX. Branch Banking And Trust Company, 1953-1981 ..80 Joshua Ernest Paschall ..80 Industry In Eastern North Carolina ..81 Mr. Paschall s Tenure ..82 The Soaring Sixties ..83 John Lafayette Satchwell ..83 Mr. Satchwell s Milestones ..84 Mergers ..84 Expansion And Building Programs Continue ..85 Entering The New Decade ..85 A Century Of Service ..86 Growth By Virtue Of Excellence ..86 The Economic Environment Of The 1970S ..87 Thorne Gregory Elected President ..88 Early Training ..89 Mr. Gregory s Tenure ..90 Chapter PageIX. (Continued) Mergers And New Offices.

5 90 Branch Corporation ..91 NCBA President ..91 Mr. Gregory s Death ..91X. BB&T, 1982-1992 ..92 Mr. Lowe Named President ..93 Growth Brings Changes ..93 BB&T Financial Mr. Lowe s Death ..94 Growth In The 1980S ..96 Interstate Banking ..96 Expansions In North Carolina ..97 Our Mission ..99 Services ..99 Special Services ..100 A New Way To Do Business ..101 Capital Planning ..102 Thrift Acquisitions ..102XI. Allison, Orr Agree To Merger ..106 Omni Hotel In Richmond ..106 Allison To Be CEO, Orr To Retire ..107 Analysts Praise Deal ..107 Mission Statement ..109 BB&T s Purpose ..109 BB&T s Values ..110 BB&T s Concepts ..111 BB&T Management Style ..111 World Standard Performance ..112 XII. Rapid Growth ..114 UCB Merger Propels BB&T to No. 1 ..114 Northward Expansion ..115 Entering Washington, And Maryland ..116 Into Georgia, West Virginia And Kentucky ..117 Investment Banking ..119 Insurance Acquisitions ..120 Sales And Marketing Strategies ..122 Venture Capital Investments ..123 Alternative Delivery.

6 126 Chapter PageXIII. New Millennium, New Challenges, New Opportunities ..128 The Y2K Challenge ..128 One Valley Makes BB&T No. 1 in West Virginia ..130 September 11, 2001 ..132 First Virginia ..134 Succession Planning ..135 XIV. Building Business ..140 Organic Growth ..141 Wealth Management ..143 Capital Markets/Corporate Banking ..144 Insurance ..144 Lending ..145 Other Markets ..146 Sports Marketing ..150 Sarbanes-Oxley Act ..153XV. King Takes Helm ..154 The Climate ..154 Troubled Asset Relief Program ..156 Dividend ..158 Risk Regulatory Changes ..160 Colonial Bank Acquisition ..163 Reflecting And Looking Forward ..165 XVI. Unwavering Commitment ..168 Eminent Domain ..169 The Lighthouse Project ..170 The Perfect Client Experience ..172 The BB&T Brand ..173 BB&T University ..176 A Tribute To Anchored In Culture, Positioned For Success ..180 PageBiographies of Chairmen and Chief Executive Officers of BB& Alpheus Branch.

7 185 William Preston Simpson ..186 Henry Groves Connor ..187 Jacob Cecil Hales ..188 Selby Hurt Anderson ..189 Sidney Graham Mewborn ..190 Herbert Dalton Bateman ..191 Joshua Ernest Paschall ..192 Frederick Louis Carr ..193 John Lafayette Satchwell ..194 Thorne Gregory ..195 Garland Scott Tucker, Jr..196 L. Vincent Lowe, Jr..197 John A. Allison Kelly S. King ..199 Biographies of Chairmen and Chief Executive Officers of Southern National ..200 Angus Wilton Mclean ..201 Hector Maclean ..202 L. Glenn Orr, Jr..203 Past And Present Directors of BB&T ..204 Appendix ..208 The Romantic Diary of a Stock Certificate ..221 Bibliography ..225 Footnotes ..229BB&T Mission To make the world a better place to live by:Helping our clients achieve economic success and financial security;Creating a place where our employees can learn, grow and be fulfilled in their work;Making the communities in which we work better places to be; and thereby:Optimizing the long-term return to our shareholders, while providing a safe and sound any aspect of life it s helpful to know your heritage, whether it s your family, your country, your faith, your employer or your believe it s important to show respect for our forefathers but also to understand and learn from the challenges they faced.

8 Our heritage provides vital information about the practices and beliefs that served our forefathers well and can help us achieve similar success. And, hopefully, we learn from any mistakes they made so we won t repeat s past trials, tribulations and successes have certainly helped build and mold the values and principles that have made this one of the most sound and secure financial institutions in the country also gives us hope. The BB&T legacy began in 1872 during some of the most difficult times our country has ever faced. We survived the Great Depression and beat the odds of growing from a small North Carolina bank to becoming one of the largest in the country. Now we re emerging from the Great Recession stronger than ever. This gives us hope for the future and the contributions we can make for the good of our fellow carved its vision, mission and values out of this rich History . They re not just empty words on a dusty old plaque. They re the cornerstones of who we were yesterday and who we are today.

9 And, they will guide us as we become the BB&T of S. KingChairman and Chief Executive Officer CHAPTER I Introduction The new millennium ushered in unimaginable challenges and opportunities for BB&T and the entire financial services industry. These events included new leadership, rapid technological advancements, new and expanding markets, and widespread regulatory changes as the United States faced the most difficult economic environment since the Great it all, BB&T s Executive Management maintained that BB&T s vision, mission, values and client-driven strategy as a constant. A NEW ERAD uring the first decade, BB&T executed its succession plan, culminating with the longtime Chairman and Chief Executive Officer John Allison passing the baton to Kelly King. King took the helm in 2009 with a relatively new Executive Management team, following the retirements of Allison, Chief Financial Officer Scott Reed, Chief Credit Officer Ken Chalk and Chief Operating Officer Henry Williamson.

10 Joining King, Manager of Administrative Services Rob Greene and Operations Division Manager Leon Wilson on the Executive Management team over time were President of Community Banking Ricky Brown, Chief Financial Officer Daryl Bible, Enterprise Risk Manager Barbara Duck, Deposit Services Manager Donna Goodrich, Chief Operating Officer Chris Henson, Chief Risk Officer Clarke Starnes and Chief Marketing Officer Steve carefully orchestrated succession plan, positioned BB&T well to face a new and unforeseen frontier. The new Executive Management team provided the direction needed for BB&T to respond swiftly to technological changes, new regulatory requirements, shaken consumer confidence and KingHistory, by apprising the people of the past, will enable them to judge of the future; it will avail them of the experience of other times and other nations; it will qualify them as judges of the actions and designs of JeffersonOUR account : A History OF BB&TINTRODUCTION1920the acquisition of Montgomery, Colonial Bank in 2009, the largest acquisition in the company s was one of many financial institutions to fail as the economy unraveled.