BB&T 2009 Annual Report Download - page 156

BB&T CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
businesses and consumers, equipment leasing, direct consumer finance, insurance premium finance, indirect
sub-prime automobile finance, and full-service commercial mortgage banking. Bank clients as well as nonbank
clients within and outside BB&T’s primary geographic market area are served by these companies. The Banking
Network receives credit for referrals to these companies with the corresponding charge retained 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 $37 million, $28 million, and $23 million for
2009, 2008, and 2007, respectively.
Insurance Services
BB&T’s insurance agency / brokerage network is the 7th largest in the nation and the 8th largest in the world.
BB&T Insurance Services provides property and casualty, life and health insurance to businesses and individuals.
It also provides small business and corporate products, such as workers compensation and professional liability,
as well as surety coverage and title insurance. In addition, the Insurance Services segment also underwrites a
limited amount of property and casualty coverage. The Banking Network receives credit for insurance
commissions on referred accounts, with the corresponding charge retained 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 $21 million, $19 million and $13 million for 2009, 2008 and 2007,
respectively.
Financial Services
BB&T’s Financial Services segment provides personal trust administration, estate planning, investment
counseling, wealth management, asset management, employee benefits services, corporate banking and corporate
trust services to individuals, corporations, institutions, foundations and government entities. BB&T’s Financial
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 $8 million, $11 million, and $9 million for 2009, 2008 and 2007, 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.
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