BB&T Corporation (BBT)

[dragon man]

BB&T CEO elected to Federal Reserve Bank of Richmond board





WINSTON-SALEM, N.C., Jan. 14 /PRNewswire-FirstCall/ -- BB&T Corporation (NYSE:BBT) today said that Chief Executive Officer Kelly S. King has been elected to serve on the nine-member board of directors of the Federal Reserve Bank of Richmond.

King was elected to a three-year term as a "Class A director" by the stockholding member banks of the Fifth Federal Reserve District, which is served by the Richmond Fed.

"This is certainly an honor, but also an important responsibility, particularly during these difficult times," said King, who succeeded John Allison as chief executive officer on Jan. 1. "Monetary policy is critically important. As a representative of BB&T, I'm looking forward to doing whatever I can to contribute to a meaningful dialogue around the economic issues facing us."

The Federal Reserve Bank of Richmond is one of 12 District Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve system. The Fifth Federal Reserve District includes North Carolina, South Carolina, Virginia, Maryland, most of West Virginia and Washington, D.C.

King, 60, joined BB&T in 1972 after graduating from East Carolina University. He was appointed chief operating officer in 2004 before his promotion to CEO.

As an executive management team member since 1983, King has been an instrumental figure in BB&T's transformation into one of the largest -- and highest performing -- financial services companies in the nation.

King earned his bachelor's and master's in business administration degrees from East Carolina. He is a graduate of the Stonier Graduate School of Banking at Rutgers University.

With $137 billion in assets, Winston-Salem, N.C.-based BB&T Corporation is the nation's 12th largest financial holding company. Founded in 1872, it operates more than 1,500 financial centers in 11 states and Washington, D.C. More information about the company is available at http://www.bbt.com/ .