had $3.4 billion and was N.C.'s fifth largest bank holding company. NBSC had $540 million in assets, while Southern National Corp. Another failed deal in 1990 would have given Southern National $1 billion in South Carolina assets and 53 offices in the state. The $59 million deal fell apart but would have been the first acquisition of a Georgia bank by a mid-sized N.C. In May 1989, Southern National announced its purchase of Allied Bankshares Inc. NCNB had exited the mortgage business in 1981 to concentrate on interstate banking, though NCNB bought Bank of North Carolina in 1982 and sold that bank's mortgages to Southern National. Southern National had not intended to sell the business but NCNB made a good offer, and the bank could use the money for its South Carolina purchases. Also in 1986, Southern National sold its Southern National Mortgage Co. At the time, Southern National was North Carolina's seventh-largest banking company. of Columbia and the $9.75 million purchase of Capital Bank and Trust Co. Later that year, Southern National announced the $5.6 million purchase of First Palmetto Bancshares Corp. In 1986, Southern National Corporation entered South Carolina with the $10 million purchase of Horry County National Bank of Loris. With the purchase of a former Northwestern Bank branch in Hickory, which had to be sold after the First Union-Northwestern merger, Southern National had 99 branches in 26 counties. In 1985, Southern National had assets of $1.5 billion. In 1982, Southern National took over Winston-Salem-based Forsyth Bank & Trust, led by Glenn Orr. In 1979, the Carolina State Bank of Gastonia, started in 1971, became part of Southern National. The Bank of Lumberton changed its names to Southern National Bank in 1959. In 1955 Hector MacLean, Angus Mclean's son, was named president. Mclean did not simply view himself as a banker, he wanted to build companies that had a good return on their investment, created jobs, and benefited the communities they operated within. After McNeill resigned Mclean became president. He resigned a year later, when he was appointed as a judge. Thomas McNeill was selected to be the bank's first president. The board was composed of members from Lumberton, Rockingham, North Carolina, and Bennettsville, South Carolina. The founding board members of the bank were Angus Mclean, Thomas McNeill, R.D. In 1897, the Bank of Lumberton was started by Angus Mclean in Lumberton, North Carolina, the predecessor of Southern National. Even though banks across the United States failed as a result of the 1929 Stock Market Crash, BB&T survived it was the only one to do so in the town of Wilson. BB&T Insurance Services was added in 1922 and a mortgage division was added in 1923. īB&T sold Liberty Bonds during World War I and grew to have more than $4 million in assets by 1923. The 1903 Branch Banking and Trust Company Building at Wilson was listed on the National Register of Historic Places in 1978. Branch remained an active member of the company until his death in 1893.
After many more name changes, the company finally settled on the name Branch Banking and Trust Company. Joshua Barnes, Hadley, and three other men secured a charter from the North Carolina General Assembly to operate the Wilson Banking and Trust Company. Two years later, Branch, his father-in-law Gen.
Also in 1887, the bank moved to its new headquarters on Nash Street in downtown Wilson, North Carolina. After many transactions, mostly with local farmers, Branch bought out Hadley's shares in 1887 and renamed the company Branch and Company, Bankers. In 1872, Alpheus Branch and Thomas Jefferson Hadley founded the Branch and Hadley merchant bank in their hometown of Wilson, North Carolina.
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