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BB&T Corporation Message Board

  • drdoom6196 drdoom6196 Nov 16, 2007 10:41 AM Flag

    new line of business

    This came out on 11/13. This is potentially a very lucrative area for non-interest income and Scott and Stringfellow will be overseeing it. Good thing since BB&T investments is one of the worst entities of its like in the country. Scott and String will have very experienced people to choose from now that Wachovia folks are leaving in lieu of moving to St. Louis. As long as BB&T corporate management stays out of it and lets Scott and String do their thing, this should be a positive for shareholders.

    RICHMOND, Va., Nov. 13 /PRNewswire-FirstCall/ -- Scott & Stringfellow Inc. today said it has expanded into the correspondent clearing business with Clearview Correspondent Services LLC.

    Clearview offers an integrated platform of front- and back-office clearing services for full-service and independent broker/dealers throughout the United States, including broker workstation technology, financial products and services, and clearing operations.

    "Our client base is made up of local and regional firms that value a premium provider of quality service and who seek a committed partner to support their business," said Bill Robbins, a Scott & Stringfellow senior vice president who was named president and chief executive officer of Clearview.

    Robbins has 14 years of industry experience, previously serving as senior vice president at First Clearing LLC, a subsidiary of Wachovia Corporation.

    Scott & Stringfellow Inc. is a registered broker/dealer and wholly owned subsidiary of BB&T Corporation (NYSE: BBT).

    "With the backing of BB&T along with Scott & Stringfellow's strong regional culture, it is a natural progression to expand into the correspondent clearing business," said Scott & Stringfellow President and Chief Executive Officer Walter Robertson.

    "Bill Robbins' reputation in the local and regional broker/dealer community combined with the high-quality service for which Scott & Stringfellow has been known for over a century will be a powerful combination in the industry."

    "Correspondent clearing is fundamentally a business of providing a consistently high level of service to entrepreneurial business owners," said BB&T Financial Services Manager Lee Youngblood.

    "BB&T has a unique strength in this area as one of the U.S. Small Business Administration's top-ranked small business-friendly companies year after year. We are excited to bring the resources of BB&T and Scott & Stringfellow together to launch Clearview Correspondent Services LLC."

    Clearview Correspondent Services LLC is a member of the NYSE and SIPC and is a separate, nonbank affiliate of BB&T Corporation.

    With $130.8 billion in assets and more than 1,500 financial centers in 11 states and Washington, D.C., Winston-Salem, N.C.-based BB&T Corporation is the nation's 14th largest financial holding company. More information about the company is available at http://www.BBT.com.

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