October 21, 2008 1:02 PM
- Text
BB&T Aims to Steal Deposits From Wells Fargo
(MoneyWatch) Banks unaffected by the financial bailout may be lining up to pick up deposits of the fallen, if BB&T Corp. is any example.
BB&T, based in Winston-Salem, N.C., is poised to pick up deposits that might have going to Wells Fargo, which is buying troubled Wachovia. Chairman and CEO John Allison told analysts this week that his bank has already lapped up at least $1.2 billion in deposits that had been Wachovia's and will likely gain more.
One advantage for BB&T, Allison continued, is that Wells Fargo is not a well-known brand name in the Southeast and Mid-Atlantic areas where Wachovia and BB&T are strong. BB&T is active from Maryland to Indiana and southward. Special targets for BB&T are mid-sized and small businesses. Many had been served by Wachovia.
Wells Fargo expects to gain a nationwide reach with its acquisiton of Wachovia. BB&T is the nation's 14th largest bank with assets of $136.5 billion.
BB&T, based in Winston-Salem, N.C., is poised to pick up deposits that might have going to Wells Fargo, which is buying troubled Wachovia. Chairman and CEO John Allison told analysts this week that his bank has already lapped up at least $1.2 billion in deposits that had been Wachovia's and will likely gain more.
One advantage for BB&T, Allison continued, is that Wells Fargo is not a well-known brand name in the Southeast and Mid-Atlantic areas where Wachovia and BB&T are strong. BB&T is active from Maryland to Indiana and southward. Special targets for BB&T are mid-sized and small businesses. Many had been served by Wachovia.
Wells Fargo expects to gain a nationwide reach with its acquisiton of Wachovia. BB&T is the nation's 14th largest bank with assets of $136.5 billion.
Latest Now in MoneyWatch
- Insurers respond cautiously to contraceptive plan
- Judge: Legally, breastfeeding not related to pregnancy
- Budget deficit drops to $27 billion in January
- Why the Powerball Jackpot is part of my investment strategy
- Is the new VW Beetle diesel worth the money?
- Consumer sentiment highlights risks to recovery
- Valentine blues? 10 best cities to be single
- December trade deficit widens to $48.8 billion
- Alcatel-Lucent returns to profit in 2011
- 6 things never to say in a performance review
- $26B mortgage deal: Who gets the money?
- Friendly's CEO steps down
- Quarterly loss hits $3.3B at Postal Service
- Greeks rail against cuts as EU demands more
- 6 things you should never share on Facebook
- Make moves now to increase financial aid
- Valentine's Day: 9 places to save
Latest CBS News Headlines
on Facebook Most Discussed Stories
on CBS News
- For pregnant women with cancer, chemo possible
- Socialist leader urges vote for austerity measures
- Lawyer: 6 Austrians were injected with malaria
- Doctors telling more adults: Get out and exercise
on Facebook Most Discussed Stories
on CBS News
