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.
Correct, they may be a little late to the fair here. Most of the big CCB deals were a few years ago (Pershing etc.). Plus, that business is much more commodity-like than people think....firms are always reducing costs to be more price competitive...BB&T has always has a tendency to ask more in price for the same service. Your point is well taken, if the Winston Salem guys stay out of it and let the professionals handle it, it may be a nice little business.
Instead of ifs and it mays try listening to those who have a handle on things, not me of course, but say Motley Fools etc, and by all means listen to professionals like yourself. You should become independent and hire self out to banks such as BofA, WB, Citi, as advisor, they do need advice.
Bought another batch today. Btw, I'm a tad worried about wormie, not like him to be silent, check it out will ya.