Short Takes: Southern National Unit Offering 401(k) Plans

Branch Banking & Trust Co. has launched a 401(k) plan product for companies with 100 or more employees.

The Raleigh, N.C.-based banking unit of Southern National Corp. will set up the plans through its trust division and will begin marketing them in the Carolinas and Virginia this month.

Dubbed BB&T Select Funds, the 401(k) product offers participants a mix of proprietary mutual funds, and funds from Fidelity Investments, Federated Investments, and Aim Capital Management.

The product has daily valuation, a toll-free voice response system, and customized statements for plan sponsors and participants.

BB&T has hired Bisys Group, Little Falls, N.J., to administer the 401(k) plans the bank sets up, and to provide marketing and record keeping services.

The bank manages more than $603 million of assets in its proprietary mutual funds and more than $4 billion of trust assets. BB&T serves a three- state market with trust sales offices in Raleigh, Charlotte, and Winston- Salem, N.C., as well as Greenville, S.C., and Virginia Beach.

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