BB&T Steps up Warehouse Lending
BB&T Corporation (BBT) renewed its commitment to warehouse lending by naming Jeff Ellison president of its mortgage warehouse lending division that provides short-term financing to mortgage companies. Working from BB&T’s Orlando offices, Ellison will oversee daily operations and nearly 60 employees. Ellison, 47, began his career at BB&T through its management development program in 1984 and most recently served as senior credit officer in the bank’s Orlando-based East Florida region. BB&T acquired $22bn in assets and assumed $20bn in deposits from Colonial Bank, creating the nation’s eighth largest financial holding company by deposits, the company said. Colonial operated 354 banking offices in Florida, Alabama, Georgia, Texas and Nevada, all of which are now branches of BB&T. With its expanded presence, BB&T will step up its warehouse lending, BB&T commercial finance president Robert Fentress said. “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,” he said. “This is a commercial product that dovetails nicely with our retail mortgage business." Fentress added: "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.” Write to Austin Kilgore.