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August 16, 2010 Monday 10:58 AM EST
BB&T is one of first providers to offer FDIC-insured deposit program to 401(k) plan sponsors and participants
WINSTON-SALEM, N.C., Aug. 16
WINSTON-SALEM, N.C., Aug. 16 /PRNewswire-FirstCall/ — Today, BB&T introduced a new FDIC-insured deposit program (IDP) to its 401(k) retirement plan sponsors and participants. BB&T Institutional Services is one of the few providers to offer the FDIC-insured deposit program. Today’s announcement is part of its concerted effort to expand investment offerings to retirement plan sponsors, improve the selection of 401(k) investments for plan participants, and provide an attractive alternative to money market funds for participants whose retirement accounts are heavily weighted in cash.
“Economic uncertainty and fluctuating markets have made participants acutely aware of investment risk,” said Ray McCulloch, BB&T Institutional Services Executive Vice President. “Now, more than ever, investors seek to find a safe investment vehicle to invest cash balances, while earning a competitive return. We believe the BB&T Insured Deposit Program will provide a safe alternative to money market funds and expand investment choices to participants. As the needs of our clients and participants change with the economic environment, BB&T continues to be on the forefront of innovation and client service delivery.”
Funds invested in the IDP are treated as deposits and are insured by the FDIC for up to $250,000 per individual, per account.
For more than 130 years, BB&T has provided small and large corporations, charitable organizations, foundations and endowments, and state and local governments with the services and support they need to achieve economic success and financial security. BB&T Institutional Services offers a complete range of employee benefits consulting, fiduciary, philanthropic, corporate trust and investment management services.
For more information on the BB&T Insured Deposit Program option, call 1-800-866-2288.
BB&T Corporation (NYSE: BBT) is one of the 10th largest financial services holding companies in the U.S. with more than $155.1 billion in assets and market capitalization of $18.2 billion, as of June 30, 2010. Based in Winston-Salem, N.C., the company operates 1,800 financial centers in 12 states and Washington, D.C., and offers a full range of consumer and commercial banking, securities brokerage, asset management, mortgage and insurance products and services. A Fortune 500 company, BB&T is consistently recognized for outstanding client satisfaction by J.D. Power and Associates, the U.S. Small Business Administration, Greenwich Associates and others. More information about BB&T and its full line of products and services is available at www.BBT.com.
SOURCE BB&T Corporation CONTACT:Ray McCulloch, Executive Vice President, BB&T Institutional Services, +1-919-716-9090; Maria Lachapelle, Vice President, Corporate Communications, +1-336-733-1472 http://www.prnewswire.com
August 16, 2010