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BB&T to acquire New Jersey-based brokerage firm

Nov 14, 2005

WINSTON-SALEM, N.C. –

BB&T Corporation today said it would acquire brokerage and investment banking firm Bergen Capital Inc.

Bergen Capital will become part of Richmond, Va.-based Scott & Stringfellow, a wholly owned brokerage and investment banking subsidiary of BB&T Corp.

The transaction, which is subject to regulatory approval, is expected to be completed in the first quarter. Terms were not disclosed.

Bergen Capital is a full-service brokerage firm specializing in underwriting and distributing debt securities for private clients, small businesses, institutions, nonprofits and corporations. It is based in Hasbrouck Heights, N.J., with an additional office in the Atlanta suburb of Alpharetta, Ga.

“We’re excited about adding a growing, high-quality firm known as much for its emphasis on client relationships as it is for putting together quality investment strategies in the bond market,” said Walter Robertson, president and chief executive officer of Scott & Stringfellow. “Bergen Capital will extend our reach into two strategic growth markets.”

Bergen Capital was founded in 1998 by Charles Gilbride, Dean Myerow and Norman Wetmore. It now has 75 employees, including 55 (NASD, SIPC and MSRB) registered representatives. Gilbride, Myerow and Wetmore will continue to hold senior leadership positions with the Bergen unit.

Bergen Capital is divided into three core businesses: private client investment services, national investment banking and debt securities trading. The firm specializes in using information technology tools to provide research data, industry news and the most current bond offerings to clients and staff.

“We see ourselves as a financial services firm with a core excellence in technology,” said Gilbride, president of Bergen Capital. “But we’ve built our reputation on client-centric service, a trait we share with Scott & Stringfellow and BB&T. With this merger, we’ll be able to take advantage of many additional resources which will enable us to provide more extensive investment services to our growing client base.”

Bergen Capital’s private client investment services division offers taxable and tax-free bonds, mutual funds, preferred stock and in-depth analyses of the bond market, municipal issuances, public corporations, and industry sectors as a whole. Its investment banking division executes public and private market transactions for corporations, financial institutions and municipalities. Transactions include mergers, acquisitions, divestitures and the issuance of equity or debt capital.

Scott & Stringfellow and its capital markets division, BB&T Capital Markets, has 57 offices in nine states and more than 900 professionals specializing in personal investment advice and money management; investment banking; primary research; and fixed income and equity capital markets.

Founded in 1893, Scott & Stringfellow is a member of the New York Stock Exchange. It was acquired by BB&T Corporation in March 1999. More information is available at www.scottstringfellow.com.

Winston-Salem-based BB&T Corporation and its subsidiaries offer full-service commercial and retail banking and additional financial services such as insurance, investments, retail brokerage, corporate finance, consumer finance, treasury services, international banking, leasing and trust.

BB&T operates more than 1,400 financial centers in the Carolinas, Virginia, Maryland, West Virginia, Kentucky, Tennessee, Georgia, Florida, Alabama, Indiana and Washington, D.C.

With $107.1 billion in assets, BB&T Corporation is the nation’s ninth largest financial holding company. More information is available at www.BBandT.com.

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For more information contact: Walter Robertson
President and CEO,
Scott & Stringfellow
(804) 343-3767

Rick Fowler
Senior Vice President,
Nonbank Acquisitions Mgr.
(336) 733-3087Charles Gilbride
President,
Bergen Capital Inc.
(201) 462-0338

Jeff Nichols
Vice President,
Public Relations
(336) 733-1007

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