BB&T Corp. announced Thursday that it has merged the Richmond, Va., investment banks it has bought since 1997.
BB&T said Scott & Stringfellow and Craigie Inc. have combined to form BB&T Capital Markets, focusing on fixed-income underwriting. The retail brokerage operations of the combined companies will operate under the Scott & Stringfellow name.
The combined subsidiary has more than 750 employees, 36 offices, and $150 million of annual revenues, BB&T said. It operates in Virginia, North Carolina, South Carolina, and West Virginia.
BB&T bought Scott & Stringfellow in March, in a deal valued at $131 million. The company bought Craigie Inc., which specializes in municipal finance, for $32 million in October 1997.
BB&T had $37.8 billion of assets on Mar. 31.