BB&T names Ellison president of Warehouse Lending Division

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ORLANDO, Fla., Oct 22, 2009 /PRNewswire-FirstCall via COMTEX/ -- BBT | Quote | Chart | News | PowerRating -- BB&T Corporation today announced that Jeff Ellison has been named as president of its Mortgage Warehouse Lending Division, which provides short-term financing to mortgage companies.

Ellison, 47, will oversee daily operations and nearly 60 employees based in Orlando. The Madison, N.C., native joined BB&T through its Management Development Program in 1984. He most recently served as senior credit officer in BB&T's Orlando-based East Florida Region.

"Jeff's experience in corporate lending and knowledge of our sales management method gives him the perspective and expertise needed to combine the best of BB&T's warehouse lending operations with the best of what we recently gained through the Colonial acquisition," said Commercial Finance President Robert Fentress.

"This is a commercial product that dovetails nicely with our retail mortgage business. After evaluating the business model, we plan to continue in the mortgage warehouse lending business. We feel it offers excellent growth opportunities given our client relationship model."

"I am excited about joining the BB&T Mortgage Warehouse Lending Division," Ellison said. "The new Mortgage Warehouse Team is committed to providing reliable, high quality support to our existing customers while also growing our customer base."

Ellison previously served as senior credit officer in Tallahassee from 2002 to 2004 and as senior credit officer for BB&T's Coastal Region in South Carolina from 1999 to 2002. Prior to that, he served as business services officer, an area executive and a retail banking manager.

Ellison earned his bachelor's degree in business administration from the University of North Carolina at Chapel Hill. He also is a 1992 graduate of the North Carolina School of Banking and a 1995 graduate of the School of Banking of the South at Louisiana State University.

Ellison has held board positions for various charitable and civic organizations in North Carolina, South Carolina and Florida, including the United Way, American Red Cross, Rotary International and the Lions Club.

BB&T acquired $22 billion in assets and assumed $20 billion in deposits in the Colonial acquisition, creating the nation's eighth largest financial holding company by deposits. Colonial operated 354 banking offices in Florida, Alabama, Georgia, Texas and Nevada, all of which are now branches of BB&T.

The Colonial acquisition moved BB&T to the No. 5 market share in Florida. With the acquisition, BB&T has about $14 billion in deposits and 303 branches in Florida.

At Sept. 30, BB&T Corporation had $165.3 billion in assets and operated more than 1,800 financial centers in 13 states and Washington, D.C. More information about the company is available at BBT.com.

SOURCE BB&T Corporation

http://www.BBT.com

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