BB&T Corp. has promoted Raymond K. McCulloch to executive vice president in charge of its trust division.
Mr. McCulloch succeeds Ray Long, who retired at the end of June after 36 years with BB&T Trust.
BB&T Trust, based in Raleigh, N.C., manages $9.1 billion for 450,000 clients-an even split between private and institutional investors-in the Carolinas and Virginia. Its parent company is based in Winston-Salem, N.C.
Mr. Long, who had been senior trust officer for the last 22 years, stayed on in recent months as an adviser until Mr. McCulloch's appointment. Mr. McCulloch spent the last six and a half years managing institutional trust for BB&T and was succeeded by Barbara Rollinson.
The trust division plans to expand in southwestern Virginia and into the Washington area, where its parent company has acquired three banks this year, Mr. McCulloch said.
The three are: Franklin Bancorp, Washington; Maryland Federal Bancorp, Hyattsville, Md.; and Mainstreet Financial Corp., Martinsville, Va. The latter has a "good size trust company," Mr. McCulloch noted. Current BB&T Trust offices in Virginia are in the central and eastern parts of the state.