TX: BB&T to Invest $40M, Hire 150 in Major Statewide Expansion
6 Nov, 2012
BB&T Corporation announced it is continuing its expansion in Texas and will open 30 new financial centers focusing on commercial and small business lending. The branches, which will be in Dallas/Fort Worth, Houston, San Antonio and Austin, will double BB&T's banking presence in Texas. BB&T expects to open most of the financial centers during 2013. The branch openings are subject to regulatory approval.
"The BB&T brand is gaining great traction in Texas, and our success with the community bank has been truly phenomenal," said BB&T Texas Region President Kay St.John. "Our deposits in Texas have grown by 68 percent since 2009, and our loan portfolio stands at $1.65 billion. These four cities are densely rich commercial and small business markets representing many of the highest potential growth areas within BB&T's entire footprint."
BB&T expects to open approximately 11 new branches in Dallas/Fort Worth, 11 in Houston, and up to four in each Austin and San Antonio. This represents an investment of more than $40 million and will target vacated properties such as former bank branch and office locations rather than new construction. The expansion initially will result in approximately 150 new jobs, and this number is expected to increase as BB&T continues to grow in the state, according to St.John.
"We believe this expansion will help local economies not only in the short-term, with the build-out of the new financial centers, but long-term as BB&T continues to expand and grow organically," St.John said.
BB&T's community banking model divides its footprint into 36 regions, each headed by a community bank president. This ensures decisions are made locally and each president is responsible for making certain BB&T is as responsive as possible to each client's needs.
BB&T's Texas presence is widespread with more than 1,200 employees. Its auto loan subsidiary, Regional Acceptance Corporation, has a major call center in Arlington and offices in Plano, Houston and San Antonio with more than 200 employees. Through its wholesale and specialty insurance group, BB&T operates eight offices with more than 350 employees. BB&T currently has extensive risk management capabilities in Houston through its team of insurance industry specialists at McGriff, Seibels and Williams, an insurance subsidiary of BB&T.
Also in Texas, BB&T Wealth operates in Dallas, and BB&T Capital Markets has a dedicated energy lending team in Houston. BB&T Corporate Banking and Investments has a banking and financial advisory service team in Houston, which serves the senior-living industry. Grandbridge Real Estate Capital,one of the nation's largest full-service commercial real estate finance firms, has offices in Dallas and Houston.
BB&T entered the Texas banking market in August 2009 with the acquisition of Colonial Bank. At that time, BB&T had 19 branches in the Dallas/Fort Worth Metropolis and three branches in Austin with 80 full-time employees. Today, BB&T's community banking employee base in Texas has more than doubled with more than 200 full-time employees. BB&T currently has 27 full-service branches and will open two additional financial centers in November.
About BB&T: BB&T Corporation is one of the largest financial services holding companies in the U.S. with $182.0 billion in assets and market capitalization of $23.2 billion, as of Sept. 30, 2012. Based in Winston-Salem, N.C., the company operates approximately 1,850 financial centers in 12 states and Washington, D.C., and offers a full range of consumer and commercial banking, securities brokerage, asset management, mortgage and insurance products and services. A Fortune 500 company, BB&T is consistently recognized for outstanding client satisfaction by J.D. Power and Associates, the U.S. Small Business Administration, Greenwich Associates and others. More information about BB&T and its full line of products and services is available at www.BBT.com.