BB&T 2014 Annual Report Download - page 29

Table of Contents
BB&T also experiences competition from a variety of institutions outside of its market area. Some of these institutions conduct business primarily over the
Internet and thus may be able to realize certain cost savings and offer products and services at more favorable rates and with greater convenience to the
customer, who can pay bills and transfer funds directly without going through a bank. This could result in the loss of fee income, as well as the loss of
customer deposits and income generated from those deposits. In addition, changes in consumer spending and saving habits could adversely affect BB&T’s
operations, and the Company may be unable to develop competitive new products and services in response to these changes on a timely basis or at all.
BB&T may not be able to complete future acquisitions.
BB&T must generally satisfy a number of meaningful conditions before it can complete an acquisition of another bank or BHC, including federal and/or state
regulatory approvals. In determining whether to approve a proposed bank or BHC acquisition, bank regulators will consider, among other factors, the effect
of the acquisition on competition, financial condition and future prospects, including current and projected capital ratios and levels, the competence,
experience and integrity of management and record of compliance with laws and regulations, the convenience and needs of the communities to be served,
including the acquiring institution’s record of compliance under the CRA, the effectiveness of the acquiring institution in combating money laundering
activities and protests from various stakeholders of both BB&T and its acquisition partner. Also, under the Dodd-Frank Act, U.S. regulators must now take
systemic risk into account when evaluating whether to approve a potential acquisition transaction involving a large financial institution like BB&T. BB&T
cannot be certain when or if, or on what terms and conditions, any required regulatory approvals will be granted. In specific cases, BB&T may be required to
sell banks or branches, or take other actions as a condition to receiving regulatory approval. An inability to satisfy other conditions necessary to consummate
an acquisition transaction, such as third-party litigation, a judicial order blocking the transaction or lack of shareholder approval, could also prevent BB&T
from completing an announced acquisition.
Catastrophic events could have a material adverse effect on BB&T.
The occurrence of catastrophic events such as hurricanes, tropical storms, tornados, winter storms and other large scale catastrophes could adversely affect
BB&T’s consolidated financial condition or results of operations. BB&T has operations and customers along the Gulf and Atlantic coasts as well as other
parts of the southeastern United States, which could be adversely impacted by hurricanes and other severe weather in those regions. Unpredictable natural
and other disasters could have an adverse effect on BB&T in that such events could materially disrupt its operations or the ability or willingness of its
customers to access the financial services offered by BB&T. BB&T’s property and casualty insurance operations also expose it to claims arising out of
catastrophes. The incidence and severity of catastrophes are inherently unpredictable. Although BB&T carries insurance to mitigate its exposure to certain
catastrophic events, these events could nevertheless reduce BB&T’s earnings and cause volatility in its financial results for any fiscal quarter or year and
have a material adverse effect on BB&T’s financial condition and/or results of operations.
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BB&T leases its headquarters in Winston-Salem, North Carolina and owns or leases other significant office space in the vicinity of its headquarters. BB&T
owns free-standing operations centers, with its primary operations and information technology center located in Wilson, North Carolina. Offices are either
owned or operated under long-term leases. At December 31, 2014, Branch Bank operated 1,839 branch offices in North Carolina, Virginia, Florida, Georgia,
Maryland, South Carolina, West Virginia, Kentucky, Alabama, Texas, Tennessee, Washington DC and Indiana. BB&T also operates numerous insurance
agencies and other businesses that occupy facilities. Management believes that the premises are well-located and suitably equipped to serve as financial
services facilities. See Note 5 “Premises and Equipment” in the “Notes to Consolidated Financial Statements” in this report for additional disclosures related
to properties and other fixed assets.
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BB&T’s common stock is traded on the NYSE under the symbol “BBT.” The common stock was held by approximately 346,000 shareholders at December
31, 2014 compared to approximately 342,000 shareholders at December 31, 2013. The following table sets forth the quarterly high and low trading prices
and closing sales prices for BB&T’s common stock and the dividends declared per share of common stock for each of the last eight quarters.
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Source: BB&T CORP, 10-K, February 25, 2015 Powered by Morningstar® Document Research℠
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