BB&T 2008 Annual Report Download - page 139

Download and view the complete annual report

Please find page 139 of the 2008 BB&T annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 152

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152

BB&T CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Services segment also offers clients investment alternatives, including discount brokerage services, equities,
fixed-rate and variable-rate annuities, mutual funds and governmental and municipal bonds through BB&T
Investment Services, Inc., a subsidiary of Branch Bank. The Financial Services segment includes Scott &
Stringfellow, LLC, a full-service brokerage and investment banking firm headquartered in Richmond, Virginia.
Scott & Stringfellow provides services in retail brokerage, equity and debt underwriting, investment advice,
corporate finance and equity research and facilitates the origination, trading and distribution of fixed-income
securities and equity products in both the public and private capital markets. Scott & Stringfellow also has a
public finance department that provides investment banking services, financial advisory services and municipal
bond financing to a variety of regional taxable and tax-exempt issuers. Scott & Stringfellow’s investment banking
and corporate and public finance areas do business as BB&T Capital Markets. The Financial Services segment
also includes the Corporate Banking Division that originates and services large corporate relationships,
syndicated lending relationships and client derivatives. The Banking Network receives an interoffice credit for
referral fees, with the corresponding charge remaining in the corporate office, which is reflected as part of
Parent/Reconciling Items in the accompanying tables. Amortization and depreciation expense that has been
allocated to the segment totaled $11 million, $9 million and $10 million for 2008, 2007 and 2006, respectively.
Treasury
BB&T’s Treasury segment is responsible for the management of the securities portfolios, overall balance
sheet funding and liquidity, and overall management of interest rate risk. Amortization and depreciation expense
that has been allocated to the segment was not material for any of the years presented.
All Other
All Other segments represents operating entities that do not meet the quantitative or qualitative thresholds
for disclosure.
Parent/Reconciling Items
Parent/Reconciling Items reflect corporate support functions that have not been allocated to the business
segments, merger-related charges or credits that are incurred as part of acquisition and conversion of acquired
entities, nonrecurring charges that are considered to be unusual in nature or infrequent and not reflective of the
normal operations of the segments, and intercompany eliminations.
139