WINSTON-SALEM, N.C., Oct. 26, 2012 /PRNewswire/ -- BB&T Corporation (NYSE: BBT) announced today that Chairman and CEO Kelly S. King has been appointed to serve as the Fifth District representative on the Federal Advisory Council by the directors of the Federal Reserve Bank of Richmond. King's one-year term begins Jan. 1, 2013.
The Federal Advisory Council is comprised of a representative from each of the 12 Federal Reserve Districts. The council consults periodically with the Board of Governors of the Federal Reserve System on business conditions and issues related to the banking industry. The council also makes recommendations regarding system policies. Representatives are selected annually by the boards of directors of each Reserve Bank.
King, who served on the board of the Federal Reserve Bank of Richmond from 2009 to 2011, has served as chairman of BB&T Corporation since January 2010; president and chief executive officer of BB&T Corporation and chairman and chief executive officer of BB&T since January 2009.
He has a lifetime of leadership experience with BB&T, devoting 29 of his 40 years of service to BB&T as a member of executive management. He has held leadership roles in commercial and retail banking, operations, insurance, corporate financial services, investment services and capital markets.
King is credited with leading BB&T to continued profitability and financial stability through the economic downturn beginning in 2008. Under his leadership, BB&T was one of the first institutions to repay TARP funds. His commitment to the company's vision, mission and values led to a nationally recognized associate volunteer program called The Lighthouse Project.
In 2011, King was ranked No. 3 "Best CEO" by sell-side analysts in a study by Institutional Investor magazine. Since 2009, BB&T has led all U.S. banks in total awards for small business and middle market banking by Greenwich Associates.
King serves on the board of The Clearing House and the Financial Services Roundtable. He also serves as chairman of the board of the Piedmont Triad Partnership. He is past chairman of the North Carolina Bankers Association board, the North Carolina Rural Economic Center, the North Carolina Small Business and Technology Development Center, Forsyth County United Way Tocqueville Leadership Society, and the East Carolina University Board of Visitors. He also served as vice chairman of the American Bankers Council.
He earned his bachelor's degree in business administration and his MBA from East Carolina University. He also is a graduate of the ABA Stonier Graduate School of Banking.
About the Richmond Federal Reserve The Richmond Federal Reserve serves the Fifth Federal Reserve District, which includes the District of Columbia, Maryland, North Carolina, South Carolina, Virginia and most of West Virginia. As part of the nation's central bank, it is one of 12 regional Reserve Banks that work together with the Federal Reserve's Board of Governors to strengthen the economy and our communities. The Federal Reserve manages the nation's money supply to keep inflation low and help the economy grow. It also supervises and regulates financial institutions to help safeguard our nation's financial system and protect the integrity and efficiency of our payments system.
About BB&T BB&T Corporation (NYSE: BBT) is one of the largest financial services holding companies in the U.S. with $182.0 billion in assets and market capitalization of $23.2 billion, as of Sept. 30, 2012. Based in Winston-Salem, N.C., the company operates approximately 1,850 financial centers in 12 states and Washington, D.C., and offers a full range of consumer and commercial banking, securities brokerage, asset management, mortgage and insurance products and services. A Fortune 500 company, BB&T is consistently recognized for outstanding client satisfaction by J.D. Power and Associates, the U.S. Small Business Administration, Greenwich Associates and others. More information about BB&T and its full line of products and services is available at www.BBT.com.
SOURCE BB&T Corporation