BB&T Corporation (BBT)

[dragon man]

Grandbridge completes acquisition of Live Oak Capital





CHARLOTTE, N.C., Jan. 16 /PRNewswire-FirstCall/ -- Grandbridge Real Estate Capital LLC, the commercial mortgage banking subsidiary of Branch Banking and Trust Company, today said it has completed its acquisition of Houston-based commercial mortgage banking firm Live Oak Capital Ltd.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080303/CLM064LOGO )

Live Oak Capital specialized in debt and equity placement and loan servicing for the commercial real estate industry. Founded in 2000, the privately-owned company closed more than $7 billion in commercial real estate capital transactions.

Terms were not disclosed. Branch Banking and Trust Company is the principal subsidiary of Winston-Salem, N.C.-based BB&T Corporation (NYSE:BBT).

"While we have an existing office in Dallas, partnering with the blue-chip professionals at Live Oak will strengthen our commercial mortgage franchise in Texas with the addition of this highly experienced business and management team," said Grandbridge Chief Executive Officer Tom Dennard.

"This is a firm whose principals have more than 125 years of combined industry experience and one that has achieved national recognition for its customer service, integrity and intellectual capital."

Live Oak Capital served as a mortgage loan correspondent for 20 institutional lenders and had access to a national network of debt and equity capital resources. It also provided full closing, servicing and loan administration services.

The new Houston-based Grandbridge senior management team will include John Fenoglio, David Aaronson, Gary Dunkum III, Harold Holliday and James Richards Jr., all former Live Oak Capital senior managers.

Charlotte-based Grandbridge, one of the nation's largest full-service commercial and multifamily mortgage banking companies, has a servicing portfolio of more than $24 billion representing 96 capital providers.

The company was founded in October 2007 when BB&T combined its existing commercial mortgage banking firm, Laureate Capital LLC of Charlotte, with newly acquired Collateral Real Estate Capital LLC of Birmingham, Ala.

Grandbridge operates 26 loan production offices across the country. It arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management and real estate brokerage services.

Grandbridge is a Fannie Mae DUS(R) (Delegated Underwriting and Servicing) lender, a Freddie Mac Program Plus(R) seller/servicer, and an active participant in multifamily products insured by the Federal Housing Administration.

With $137 billion in assets, BB&T Corporation (NYSE:BBT) 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/ .

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DATASOURCE: BB&T Corporation


CONTACT: Thomas S. Dennard, Chief Executive Officer of Grandbridge Real

Estate Capital, [phone]; or Tamera Gjesdal, Senior Vice President

Investor Relations, [phone], or Jeff Nichols, Vice President Corp.

Communications, [phone], both of BB&T Corporation


Web site: http://www.bbt.com/


Company News On-Call: http://www.prnewswire.com/comp/809325.html