BB&T Corp. (BBT) said Tuesday that it is matching the membership of the boards of BB&T and its largest subsidiary, Branch Banking and Trust Co.
The moves will be effective January1, 2013.
The BB&T corporate board has voted to increase the company's number of directors from 15 to 19, effective January 1, 2013. In accordance with BB&T's director retirement policy, three members of the BB&T corporate board - J. Littleton Glover Jr., Jane Helm and Valeria Lynch Lee - will retire effective December 31, 2012. The board voted to fill the seven positions with members from the board of directors of Branch Banking and Trust Co., BB&T's banking subsidiary.
New BB&T corporate board members effective January 1, 2013, include: James A. Faulkner, retired; I. Patricia Henry, retired, Miller Brewing Company; Eric C. Kendrick, president, Mereck Associates Inc.; Louis B. Lynn, Ph.D., president ENVIRO AgScience; Edward C. Milligan, retired; Charles A. Patton, Patco Investment L.L.C.; and Tollie W. Rich Jr., retired.
Similarly, the board membership of Branch Banking and Trust Co. will be expanded to include the BB&T corporate board members effective January 1, 2013. This will result in the two boards having identical memberships at the beginning of next year.
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