* Press Release
* Source: BB&T Corporation
* On 10:43 am EDT, Thursday October 22, 2009
*
Companies:
o BB T Corp.
ORLANDO, Fla., Oct. 22 /PRNewswire-FirstCall/ -- 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 BBandT'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 BBandT'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.
BBandT 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, BBandT has about $14 billion in deposits and 303 branches in Florida.
At Sept. 30, BBandT 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.
Article source : http://finance.yahoo.com/news/BBT-names-Ellison-president-prnews-1563570292.html?x=0
A Naples company that owns apartment complexes throughout Florida, including nearly 20 developments in Hillsborough and Pinellas counties, is facing another foreclosure, this one on Brentwood Apartments Tampa.
It’s the second lawsuit brought by Branch Banking & Trust Co. against a limited liability company in Hillsborough County owned by Barfield Bay Holdings Inc. of Naples and Ronald Glas, firm president, court records show.
The most recent lawsuit, filed Oct. 13 in the 13th Judicial Circuit, seeks to foreclose on the 180-unit complex at 8741 Grove Trail for a $9.4 million loan issued in May 2007 to Brentwood Apartments Tampa LLC.
Branch Banking & Trust, a subsidiary of Winston Salem, N.C.-based BBandT Corp., bought the loan from the Federal Deposit Insurance Corp. as receiver of Colonial Bank.
In addition, Branch Banking & Trust has a Hillsborough foreclosure pending on Brookside Tampa Apartments over a $16.7 million loan it also acquired from Colonial.
Glas did not return a call seeking comment.
Barfield Bay’s Web site shows the company also owns Amberton Apartments, Brittany Apartments, Carlyle at Waters, Central Park Apartments, Dauphine, French Quarter Apartments, Rivertree Landings Apartments, Terrace Pointe Apartments and Westwinds Apartments, all in Hillsborough.
Wells Fargo Bank, as trustee for Merrill Lynch, has brought two lawsuits this year seeking to foreclose on Hidden River Grande and Rivertree Landing, records show.
Plus, Whitney National Bank filed a lawsuit to foreclose on a $4.5 million loan secured by Brittany Apartments.
In Pinellas, Barfield Bay owns Pinellas Pointe, Plaza Arms, Tanglewood Apartments, Waterside Village Apartments, Palma Ceia and Woodlawn Apartments, all in St. Petersburg; and Norton Apartments in Clearwater.
Barfield Bay Holdings is obviously not the only landlord facing financial issues with maturing loans or overleveraged projects, said T. Sean Lance, managing director at NAI Tampa Bay.
NAI Tampa Bay is tracking 30,000 distressed apartment units in Tampa, Orlando and Southwest Florida, Lance said. “There are a number of ownership groups out there that are in trouble,” he said.
For the most part, foreclosures on apartments don’t affect the tenants, unless maintenance is deferred for financial reasons, Lance said. “Ownership can change without the tenants even realizing it,” he said.
source : http://tampabay.bizjournals.com/tampabay/stories/2009/10/19/daily61.html?ana=yfcpc
BB&T Corp. plans to operate the former Colonial BancGroup Inc.’s mortgage-warehouse lending division, despite numerous questions surrounding the division.
The unit came under fire from the U.S. Department of Justice before the bank’s failure in August and its subsequent purchase by BB&T. Federal agents raided its Orlando, Fla., offices in search of alleged accounting irregularities regarding Colonial’s request to receive bank bailout funds. Colonial was based in Montgomery, Ala.
Winston-Salem-based BBandT acquired 346 branches and $20.1 billion in deposits in the acquisition.
BBandT (NYSE:BBT) has named Jeff Ellison president of its new lending division that provides short-term financing to mortgage companies. Ellison most recently was a senior credit officer in BB&T’s Orlando-based East Florida region.
BBandT Chief Executive Kelly King says the bank plans to expand its mortgage-warehouse lending by using Colonial’s platform.
“We did, however, take a rational look at the essence of the warehouse business done properly and determined that it is a good business for us,” he says. “We’re already doing some and with their platform, we think we can grow that in our footprint and take advantage of the good relationships they had.”
The strategy is “a classic example of I’m not throwing the baby out with the dirty bath water,” he adds.
source : http://charlotte.bizjournals.com/charlotte/stories/2009/10/19/daily39.html?ana=yfcpc