BB&T puts more top executives in place
BB&T Corp. continues to shuffle its management team lineup as it prepares for its chief executive's retirement, announcing Thursday that a company veteran will become the new chief operating officer.
Chris Henson, currently chief financial officer, will become chief operating officer on Jan. 1. He is succeeding Kelly King, who will become CEO when John Allison retires. Allison, 60, has led the Winston-Salem-based bank for more than 20 years and has mostly steered it clear of the subprime problems that are walloping many peers. Allison also guided BB&T's transformation from a small farm bank into one of the largest in the country, largely by gobbling up smaller or weaker competitors. King, also 60, has said he'll keep the bank in the same “strategic direction.”
While some banks have been bringing in outsiders, BB&T has a history of growing its leaders organically. Allison, King and Henson all joined the bank right out of college or soon after. All were raised and educated in North Carolina. Henson, 47, is a native of Boone and a graduate of High Point University. As COO, he will oversee risk management, marketing and other areas.
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BB&T also announced Thursday that Daryl Bible will succeed Henson as chief financial officer. Bible, who is currently the assistant CFO, is an anomaly in BB&T's executive management circle. He joined only in January, after 24 years with Minnesota-based U.S. Bancorp. Bible, 47, is a native of Cincinnati and a graduate of the University of Cincinnati.
Bank of Granite sharply cuts third-quarter loss
Bank of Granite Corp. on Thursday said it lost $271,000, or 2 cents per share, in the third quarter, compared with a loss of $22.02 million, or $1.40 per share, for the same period last year. The Granite Falls-based bank said it remained well-capitalized by regulatory standards.
Bank of Granite said a big contributor to the loss was a $636,000 impairment charge in a portfolio of financial debt and stocks that have lost value in current market conditions. The bank has previously said it's cutting jobs and its dividend to reduce expenses.
“While we are disappointed in our results, we believe actions we have taken …will hasten the bank's return to a better performance level,” chief executive Scott Anderson said in a statement.