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BB&T's goal: To rank at least No. 5 in deposits in Florida

The chief executive was in St. Petersburg for the bank's shareholders meeting, and says it will open branches.

By HELEN HUNTLEY
Published April 27, 2005

Top officials of BB&T Corp. and its banking subsidiaries gathered in St. Petersburg on Tuesday for their annual shareholders meeting and a firsthand look at the Florida territory they're counting on to help fuel future growth.

Chief executive John Allison said the North Carolina company is moving ahead with plans to open branches in the state in spite of intense competition.

"There are a lot of banks here, but there's so much growth that there's more opportunity," he said.

Allison said the company's goal is to rank in the top five banks in deposits in each of its markets. In Florida, where BB&T is 10th, that's a formidable challenge.

BB&T moved into Florida in a big way last year with the acquisition of St. Petersburg's Republic Bank. Allison said it probably will be at least two years before the Florida operations are as profitable as those in established territories such as North Carolina and Virginia.

It takes time, he said, for employees to learn the BB&T systems and for customers to be convinced BB&T provides top quality service.

"In a new market, people are skeptical," Allison said. "You have to earn trust one client at a time. Once that happens, you get a lot of referrals."

William R. Hough, who was Republic's controlling shareholder, said Tuesday he is pleased with the way the transaction turned out.

"I'm keeping most of my stock and I'm very proud of what you're doing," he said when Allison opened the meeting for questions.

Allison, 56, said BB&T is more likely to grow in the state by opening branches rather than by acquisitions.

"Florida will be No. 1 on our wish list, but Florida banks sell for such high prices, I don't know how many we can afford to buy," he said.

The decision to hold this year's annual meeting in St. Petersburg was a way of sending a message to the community, he said.

"We want people to know we're interested in the community."

Helen Huntley can be reached at huntley@sptimes.com or 727 893-8230.

[Last modified April 27, 2005, 00:47:14]