BB&T to acquire New Jersey-based brokerage firm

Nov 14, 2005, 00:00 ET from BB&T Corporation

    WINSTON-SALEM, N.C., Nov. 14 /PRNewswire-FirstCall/ -- BB&T Corporation
 (NYSE:   BBT) today said it would acquire brokerage and investment banking firm
 Bergen Capital Inc.
     Bergen Capital will become part of Richmond, Va.-based Scott &
 Stringfellow, a wholly owned brokerage and investment banking subsidiary of
 BB&T Corp.
     The transaction, which is subject to regulatory approval, is expected to
 be completed in the first quarter. Terms were not disclosed.
     Bergen Capital is a full-service brokerage firm specializing in
 underwriting and distributing debt securities for private clients, small
 businesses, institutions, nonprofits and corporations. It is based in
 Hasbrouck Heights, N.J., with an additional office in the Atlanta suburb of
 Alpharetta, Ga.
     "We're excited about adding a growing, high-quality firm known as much for
 its emphasis on client relationships as it is for putting together quality
 investment strategies in the bond market," said Walter Robertson, president
 and chief executive officer of Scott & Stringfellow. "Bergen Capital will
 extend our reach into two strategic growth markets."
     Bergen Capital was founded in 1998 by Charles Gilbride, Dean Myerow and
 Norman Wetmore. It now has 75 employees, including 55 (NASD, SIPC and MSRB)
 registered representatives. Gilbride, Myerow and Wetmore will continue to hold
 senior leadership positions with the Bergen unit.
     Bergen Capital is divided into three core businesses: private client
 investment services, national investment banking and debt securities trading.
 The firm specializes in using information technology tools to provide research
 data, industry news and the most current bond offerings to clients and staff.
     "We see ourselves as a financial services firm with a core excellence in
 technology," said Gilbride, president of Bergen Capital. "But we've built our
 reputation on client-centric service, a trait we share with Scott &
 Stringfellow and BB&T. With this merger, we'll be able to take advantage of
 many additional resources which will enable us to provide more extensive
 investment services to our growing client base."
     Bergen Capital's private client investment services division offers
 taxable and tax-free bonds, mutual funds, preferred stock and in-depth
 analyses of the bond market, municipal issuances, public corporations, and
 industry sectors as a whole. Its investment banking division executes public
 and private market transactions for corporations, financial institutions and
 municipalities. Transactions include mergers, acquisitions, divestitures and
 the issuance of equity or debt capital.
     Scott & Stringfellow and its capital markets division, BB&T Capital
 Markets, has 57 offices in nine states and more than 900 professionals
 specializing in personal investment advice and money management; investment
 banking; primary research; and fixed income and equity capital markets.
     Founded in 1893, Scott & Stringfellow is a member of the New York Stock
 Exchange. It was acquired by BB&T Corporation in March 1999. More information
 is available at www.scottstringfellow.com.
     Winston-Salem-based BB&T Corporation and its subsidiaries offer full-
 service commercial and retail banking and additional financial services such
 as insurance, investments, retail brokerage, corporate finance, consumer
 finance, treasury services, international banking, leasing and trust.
     BB&T operates more than 1,400 financial centers in the Carolinas,
 Virginia, Maryland, West Virginia, Kentucky, Tennessee, Georgia, Florida,
 Alabama, Indiana and Washington, D.C.
     With $107.1 billion in assets, BB&T Corporation is the nation's ninth
 largest financial holding company. More information is available at
 www.BBandT.com.
 
 

SOURCE BB&T Corporation
    WINSTON-SALEM, N.C., Nov. 14 /PRNewswire-FirstCall/ -- BB&T Corporation
 (NYSE:   BBT) today said it would acquire brokerage and investment banking firm
 Bergen Capital Inc.
     Bergen Capital will become part of Richmond, Va.-based Scott &
 Stringfellow, a wholly owned brokerage and investment banking subsidiary of
 BB&T Corp.
     The transaction, which is subject to regulatory approval, is expected to
 be completed in the first quarter. Terms were not disclosed.
     Bergen Capital is a full-service brokerage firm specializing in
 underwriting and distributing debt securities for private clients, small
 businesses, institutions, nonprofits and corporations. It is based in
 Hasbrouck Heights, N.J., with an additional office in the Atlanta suburb of
 Alpharetta, Ga.
     "We're excited about adding a growing, high-quality firm known as much for
 its emphasis on client relationships as it is for putting together quality
 investment strategies in the bond market," said Walter Robertson, president
 and chief executive officer of Scott & Stringfellow. "Bergen Capital will
 extend our reach into two strategic growth markets."
     Bergen Capital was founded in 1998 by Charles Gilbride, Dean Myerow and
 Norman Wetmore. It now has 75 employees, including 55 (NASD, SIPC and MSRB)
 registered representatives. Gilbride, Myerow and Wetmore will continue to hold
 senior leadership positions with the Bergen unit.
     Bergen Capital is divided into three core businesses: private client
 investment services, national investment banking and debt securities trading.
 The firm specializes in using information technology tools to provide research
 data, industry news and the most current bond offerings to clients and staff.
     "We see ourselves as a financial services firm with a core excellence in
 technology," said Gilbride, president of Bergen Capital. "But we've built our
 reputation on client-centric service, a trait we share with Scott &
 Stringfellow and BB&T. With this merger, we'll be able to take advantage of
 many additional resources which will enable us to provide more extensive
 investment services to our growing client base."
     Bergen Capital's private client investment services division offers
 taxable and tax-free bonds, mutual funds, preferred stock and in-depth
 analyses of the bond market, municipal issuances, public corporations, and
 industry sectors as a whole. Its investment banking division executes public
 and private market transactions for corporations, financial institutions and
 municipalities. Transactions include mergers, acquisitions, divestitures and
 the issuance of equity or debt capital.
     Scott & Stringfellow and its capital markets division, BB&T Capital
 Markets, has 57 offices in nine states and more than 900 professionals
 specializing in personal investment advice and money management; investment
 banking; primary research; and fixed income and equity capital markets.
     Founded in 1893, Scott & Stringfellow is a member of the New York Stock
 Exchange. It was acquired by BB&T Corporation in March 1999. More information
 is available at www.scottstringfellow.com.
     Winston-Salem-based BB&T Corporation and its subsidiaries offer full-
 service commercial and retail banking and additional financial services such
 as insurance, investments, retail brokerage, corporate finance, consumer
 finance, treasury services, international banking, leasing and trust.
     BB&T operates more than 1,400 financial centers in the Carolinas,
 Virginia, Maryland, West Virginia, Kentucky, Tennessee, Georgia, Florida,
 Alabama, Indiana and Washington, D.C.
     With $107.1 billion in assets, BB&T Corporation is the nation's ninth
 largest financial holding company. More information is available at
 www.BBandT.com.
 
 SOURCE  BB&T Corporation