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 .
SOURCE BB&T Corporation