BB&T 2013 Annual Report Download - page 7

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ITEM 1. BUSINESS
BB&T is a financial holding company headquartered in Winston-Salem, North Carolina. BB&T conducts its business
operations primarily through its bank subsidiary, Branch Bank, and other nonbank subsidiaries.
Operating Subsidiaries
Principal operating subsidiaries include the following:
 Branch Banking and Trust Company, Winston-Salem, North Carolina
 BB&T Securities, LLC, Richmond, Virginia
 Regional Acceptance Corporation, Greenville, North Carolina
 American Coastal Insurance Company, Davie, Florida
 Sterling Capital Management, LLC, Charlotte, North Carolina
Branch Bank, BB&T’s largest subsidiary, was chartered in 1872 and is the oldest bank headquartered in North Carolina.
Branch Bank provides a wide range of banking and trust services for retail and commercial clients in its geographic markets,
including small and mid-size businesses, public agencies, local governments and individuals, through 1,825 offices (as of
December 31, 2013). BB&T FSB was merged into Branch Bank effective January 1, 2013. Branch Bank’s principal
operating subsidiaries include:
 BB&T Equipment Finance Corporation, based in Charlotte, North Carolina, which provides loan and lease financing
to commercial and small businesses;
 BB&T Insurance Services, Inc., headquartered in Raleigh, North Carolina, which offers property and casualty, life,
health, employee benefits, commercial general liability, surety, title and other insurance products through its agency
network;
 BB&T Investment Services, Inc., a registered broker-dealer located in Charlotte, North Carolina, which offers
clients non-deposit investment products, including discount brokerage services, equities, fixed-rate, variable-rate and
index annuities, mutual funds, government and municipal bonds, and money market funds;
 CRC Insurance Services, Inc., based in Birmingham, Alabama, which is a wholesale insurance broker authorized to
do business nationwide;
 Crump Life Insurance Services, Inc., based in Pennsylvania, which is a wholesale insurance broker authorized to do
business nationwide;
 Grandbridge, based in Charlotte, North Carolina, which specializes in arranging and servicing commercial mortgage
loans;
 McGriff, Seibels & Williams, Inc., based in Birmingham, Alabama, which is authorized to do business nationwide
and specializes in providing insurance products on an agency basis to large commercial clients, including many
Fortune 500 companies; and
 Prime Rate Premium Finance Corporation, Inc., located in Florence, South Carolina, and its subsidiaries, which
include AFCO Credit Corporation, that provide insurance premium financing to clients in the United States and
Canada.
Major Nonbank Subsidiaries
BB&T also has a number of nonbank subsidiaries, including:
 American Coastal Insurance Company, an admitted Florida specialty insurance company that underwrites property
insurance risks for commercial condominium or cooperative associations;