Wells Fargo and Wachovia Investment Banking and Capital Markets Businesses Branded as Wells Fargo Securities

(BUSINESS WIRE)--Wells Fargo & Company (NYSE:WFC) today announced that its investment banking and capital markets businesses formerly operating under the Wachovia Securities and certain Wells Fargo brands will now operate under the brand Wells Fargo Securities.

The new Wells Fargo Securities brand will bring together the firm’s market-leading businesses in debt and equity underwriting, mergers and acquisitions, loan syndications, debt and equity sales and trading, tax-exempt products, research and economics, and certain hedging products such as equity derivatives.

As part of the brand change, Barrington Associates, Wells Fargo’s middle market mergers and acquisitions advisory division, will begin to operate exclusively under the Wells Fargo Securities brand. Eastdil Secured, Wells Fargo’s provider of real estate capital markets services, will continue to operate under its existing name and will offer securities products through Wells Fargo Securities.

“We have an enormous opportunity to become one of the top customer-focused investment banks in the country by focusing on the basics and on those businesses that directly serve our customers,” said Wells Fargo & Company’s President and Chief Executive Officer John Stumpf. “Clearly one of the great benefits of the Wachovia merger was the strong investment banking and capital markets platform that we gained. We plan to build on those strengths to grow and invest in the business as we continue to satisfy all of our customers’ financial needs.”

Wells Fargo Securities combines strong relationships and industry knowledge with superior capital markets and advisory capabilities. The brand includes two business lines – Investment Banking and Capital Markets, co-led by Rob Engel and Jonathan Weiss, and the Securities and Investment Group, led by John Shrewsberry – which serve both middle market and large U.S. corporate and institutional clients. Both businesses report to Tim Sloan, head of Wholesale Banking’s Commercial, Real Estate and Specialized Financial Services group.

“The Wells Fargo Securities brand brings together Wachovia’s market-leading investment banking businesses and Wells Fargo’s niche expertise to form a powerful investment banking and capital markets platform,” said Sloan. “We’re combining the top-rated customer service of both Wachovia and Wells Fargo with the strength of one of the nation’s largest banks and a set of investment banking products and services that are focused exclusively on the needs of our customers.”

Wells Fargo & Company is a diversified financial services company with $1.3 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,400 stores, over 12,000 ATMs, more than 900 corporate and commercial banking offices, and the internet (wellsfargo.com) across North America and internationally.

Wells Fargo Securities is the trade name for certain capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including Wells Fargo Securities, LLC, member FINRA and SIPC; Wachovia Bank, National Association; and Wachovia Securities International Limited, a U.K. investment firm authorized and regulated by the Financial Services Authority.

As previously announced, retail brokerage products and services formerly marketed as Wachovia Securities are now offered through Wells Fargo Advisors.

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New FDIC Report Shows Rate-Limited Short-Term Loans Are Unprofitable and Unsustainable

/PRNewswire/ -- The FDIC's latest report on its Small-Dollar Loan Pilot Program sheds new light supporting the short-term payday loan industry financial model for those needing short-term financing.

Most of the banks that participated in the FDIC pilot program admit that their goal is not to earn profits, but is instead to "generate goodwill" within their respective communities and to qualify for government Community Reinvestment Act credit. Further, the 446 participating bank branches made a mere 8,346 loans over the course of a year, an average of one loan per branch every 20 days. In contrast, the short-term payday loan industry makes more than 100 million loans per year.

An artificial rate cap makes short-term lending unprofitable, as the FDIC report explains: "[g]iven the small size of SDLs (small-dollar loans)... the interest income and fees generated are often not sufficient to achieve short-term profitability." Instead, banks participating in the FDIC program use their low-priced loans to sell customers on other financial services, including checking accounts with extremely expensive overdraft protection fees.

The Small-Dollar loans in the FDIC's program are not comparable to short-term payday loans, as many participating banks have stringent qualification criteria for borrowers. For example, the FDIC cites Citizens Trust Bank as a case study in its report, but the bank requires borrowers to have been at their current address for at least a year, and to meet a fixed credit score requirement and show six months of income. Other banks require a linked savings account and credit report. In contrast, most short-term payday loans simply require a bank checking account and a paystub to qualify for a low-dollar loan.

"Adults are best served when they can choose among many competing lending options," said Samantha O'Neil, Communications Director at the Center for Consumer Freedom. "When Oregon set an APR rate cap, payday lenders left the state in droves and former payday borrowers increased their dependency on more expensive options, including checking account overdrafts." Other reports from the Federal Reserve Board in New York and university economists have echoed that concern.

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Community Bankers Trust Corporation Announces Results of Annual Meeting of Stockholders and Conversion of Georgia Operations

(BUSINESS WIRE)--Community Bankers Trust Corporation, the holding company for Essex Bank (the “Company”) (NYSE Amex:BTC), announced that the Company held its annual meeting of stockholders on June 18, 2009. The annual meeting was the first meeting of stockholders since the Company merged with each of BOE Financial Services of Virginia, Inc. and TransCommunity Financial Corporation in May 2008. A copy of the materials that management presented to the Company’s stockholders at the meeting is publicly available on the “investor information” page of the Company’s internet web site at www.cbtrustcorp.com.

The Company also announced that its stockholders approved all of the proposals that it presented at the annual meeting. These proposals included the approval of an amendment to the Company’s certificate of incorporation to increase the number of authorized shares of common stock from 50,000,000 to 200,000,000 and the approval of the Company’s 2009 Stock Incentive Plan. Other proposals were the election of P. Emerson Hughes, Jr., George M. Longest, Jr., John C. Watkins and Robin T. Williams to serve as directors for terms of three years, the approval of an advisory proposal relating to the Company’s executive compensation and the ratification of the appointment of the firm of Elliott Davis, LLC as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2009.

George M. Longest, Jr., the Company’s President and Chief Executive Officer, stated, “We very much appreciate the support from all of our stockholders over the past year. Our industry has seen many challenges in the past 12 months, and we expect the remainder of 2009 to be equally as challenging. We are very proud of our growth during this time and what we have accomplished in a relatively short period of time, and we remain optimistic about our Company and its future.”

The Company also announced that, in June 2009, it successfully converted its Georgia banking operations into the Essex Bank systems platform. In November 2008, Essex Bank acquired certain assets and assumed all deposit liabilities relating to four former branch offices of The Community Bank, a Georgia state-chartered bank, from the Federal Deposit Insurance Corporation, who acted as the receiver for The Community Bank after it was closed by the Georgia Department of Banking and Finance. In connection with this transaction, Essex Bank purchased the former banking premises of The Community Bank and has operated them under the “Essex Bank” name since November 2008. The conversion completes the integration of the Georgia operations into Essex Bank’s operations.

The Company expects to complete the conversion of its Maryland banking operations, which Essex Bank acquired in another FDIC-assisted transaction, in August 2009. Essex Bank has operated the seven former branch offices of Suburban Federal Savings Bank under the “Essex Bank” name since January 2009.

Forward-Looking Statements

This release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that are subject to risks and uncertainties. These forward-looking statements include, without limitation, statements with respect to the Company’s operations, growth strategy and goals. Actual results may differ materially from those included in the forward-looking statements due to a number of factors, including, without limitation, the effects of and changes in the following: general economic and market conditions, either nationally or locally; the interest rate environment; competitive pressures among banks and financial institutions or from companies outside the banking industry; real estate values; the quality or composition of the Company’s loan or investment portfolios; the demand for deposit, loan, and investment products and other financial services; the demand, development and acceptance of new products and services; consumer profiles and spending and savings habits; the securities and credit markets; costs associated with the integration of banking and other internal operations; the soundness of other financial institutions with which the Company does business; inflation; technology; and legislative and regulatory requirements. These factors and additional risks and uncertainties are described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2008 and other reports that the Company files with or furnishes to the Securities and Exchange Commission. This press release speaks only as of its date, and the Company disclaims any duty to update the information in it.

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SunTrust Announces Completion of Consent Solicitation

/PRNewswire / -- SunTrust Banks, Inc. (NYSE: STI) announced today the successful completion of its previously announced solicitation of consents to amend the Amended and Restated Declaration of Trust of SunTrust Preferred Capital I. SunTrust has received approval of the holders of record (as of May 29, 2009) of a majority in aggregate liquidation amount outstanding of the 5.853% Fixed-to-Floating Rate Normal PPS, liquidation amount $1,000 per security of SunTrust Preferred Capital I (the "Normal PPS").

The amendment to the Amended and Restated Declaration of Trust will permit SunTrust to retire any Normal PPS tendered and accepted as part of SunTrust's outstanding offer to purchase up to $750 million aggregate liquidation preference or amount of certain securities, including certain of the issued and outstanding Normal PPS (the "Tender Offer"). The amendment is necessary in order for SunTrust to realize the full accounting benefit arising out of the acquisition of Normal PPS pursuant to the Tender Offer. The amendment will become effective upon execution and delivery by SunTrust and the trustees of SunTrust Preferred Capital I.

SunTrust's ongoing Tender Offer for certain of its outstanding preferred and hybrid securities, which is scheduled to expire at 11:59 p.m., New York City time, on Friday, June 26 and settle on Tuesday, June 30, is being made pursuant to an Offer to Purchase and related letter of transmittal, as amended, copies of which are available without charge from the Information Agent for the Tender Offer, D.F. King & Co., who may be reached toll-free at (800) 735-3107, and banks and brokers can call collect at (212) 269-5550. This communication is for information purposes only and does not constitute an offer to buy or the solicitation of an offer to sell securities in the Tender Offer. The Offer to Purchase, as amended, and other related documents were filed with the SEC on Schedule TO on June 1, 2009 and on Amendment No. 3 to Schedule TO filed on June 15, 2009 and may be obtained without charge at the SEC's internet site (http://www.sec.gov/). Holders of eligible securities are urged to read the Offer to Purchase and related letter of transmittal which include important information about the Tender Offer.

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Cherokee Bank Enters Into Agreement With Regulator

/PRNewswire/ -- Cherokee Banking Company (OTC:CHKJ) (BULLETIN BOARD: CHKJ) , the holding company of Cherokee Bank, N.A., today announced that the bank has signed an agreement with the Comptroller of the Currency aimed at solving issues related to the downturn in the economy and housing market. The "Consent Order" primarily outlines actions to improve the bank's capitalization and credit quality.

"In response to the collapse of the housing and real estate markets, we proactively initiated our own strategic plan in June 2008 aimed at ensuring that we remain a safe and sound institution," said Dennis Burnette, president and chief executive officer. "The actions in our plan are aligned with the requirements in the Consent Order, primarily, increasing our capital ratio over and above our level at March 31, 2009, which was categorized as 'well-capitalized', as well as maintaining an adequate level of liquidity and reducing our problem assets. We plan to continue progressing along the path toward the benchmarks we have established and look forward to continuing to work closely with our regulator to do so."

One benchmark calls for the company to achieve a minimum Total Risk-Based capital ratio of 12 percent and Tier 1 capital ratio of at least 8 percent. The company already has undertaken a three-year strategic plan aimed at achieving these levels.

The agreement has no impact on deposit and retirement accounts, which continue to be insured for a minimum of $250,000 per depositor by the FDIC through December 2009. Additionally, most types of business checking accounts are insured without limit due to Cherokee Bank's participation in the FDIC's Transaction Account Guarantee Program.

"As we complete the processes outlined in the agreement, we will continue to operate as normal, providing friendly, personalized service to our clients," said Burnette.

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BB&T pays Treasury more than $3.1 billion to exit TARP

/PRNewswire / -- BB&T Corporation (NYSE:BBT) today said it has exited the Troubled Asset Relief Program, or TARP, by buying back the preferred stock sold to the U.S. Treasury Department under the Capital Purchase Program last November.

BB&T will pay approximately $3.1 billion to the Treasury to repurchase the preferred stock, plus a final dividend payment of about $13.9 million, bringing BB&T's total dividend payments under TARP to approximately $92.7 million.

"This was, in fact, an excellent investment for the American taxpayer," said BB&T Chief Executive Officer Kelly King. "Our strong capital position allowed us to pay back TARP in a very short amount of time. But what's important today is that we've repaid the government, and now we have a singular focus on the business of serving our clients.

"Throughout this period, BB&T has experienced very good loan growth," King said. "We will continue to actively pursue and make every good loan we can find."

BB&T has notified the Treasury of its intent to repurchase the outstanding warrant associated with TARP, which allows the Treasury to purchase up to 13.9 million shares of the company's common stock. Any adjustment resulting from the repurchase of the outstanding warrant will be accounted for in the second or third quarter of 2009.

With $143.4 billion in assets, Winston-Salem, N.C.-based BB&T Corporation is the nation's 10th largest financial holding company. Founded in 1872, it operates more than 1,500 financial centers in 11 states and Washington, D.C. More information about the company is available at BBT.com.

This news release contains certain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Actual results may differ materially from current projections. Please refer to BB&T's filings with the Securities and Exchange Commission for a summary of important factors that may affect BB&T's forward-looking statements. BB&T undertakes no obligation to revise these statements following the date of this news release.

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SunTrust and Delta to Introduce New SkyMiles Check Cards

/PRNewswire/ -- SunTrust Banks, Inc., (NYSE: STI) and Delta Air Lines (NYSE:DAL) today announced consumers and businesses will soon be able to earn Delta miles on all signature-based purchases made with a new SunTrust SkyMiles Check Card, launching June 22. This will be the first time Delta has offered mileage-earning opportunities through a check card, and is the first co-branded check card relationship for SunTrust.

The SunTrust SkyMiles Check Cards meet a growing demand among Delta and SunTrust clients for a check card that earns airline miles. It also reinforces SunTrust's pledge to help clients with responsible financial management through its "Live Solid. Bank Solid" campaign.

"Today, more than ever, consumers are looking for ways to better control their finances and make smart purchasing decisions," said Hugh Gallagher, SunTrust's senior vice president for deposit product management. "The SunTrust SkyMiles Check Card encourages consumers and businesses alike to spend wisely while earning Delta miles. We're very pleased to partner with Delta on this great product."

For every purchase made with an authorized signature, cardholders earn miles that can be redeemed for Award Travel to nearly 400 destinations Delta and its partner airlines serve across the world. There is no mileage-earning cap with a SunTrust SkyMiles Check Card so cardholders can earn unlimited miles. Now in its 28th year, SkyMiles is one of the longest-running and most successful loyalty programs in the travel industry.

"Our SkyMiles members have told us they want a mileage-earning check card, particularly in these challenging economic times," said Jeff Robertson, Delta's vice president of loyalty programs. "SunTrust is a strong banking partner that matches our customer base in the Southeast and Mid-Atlantic. These new cards provide our members with additional options and value while strengthening our overall portfolio of card offerings."

Starting at just $20, the SunTrust SkyMiles Check Card features the lowest annual fees of any competing airline check card rewards program, and offers the convenience and security of a SunTrust Visa Check Card.

Three cards will be available - two for consumers and one for small- to medium-sized businesses:

-- SkyMiles Classic Check Card - consumers earn one mile for every $2
purchased and 2,500 bonus miles for the first signature purchase. The
annual Card fee is $20.
-- SkyMiles Platinum Check Card - consumers earn one mile for every $1
purchased, 5,000 bonus miles for the first signature purchase and a
complimentary Delta Sky Club Day Pass valued at $50. The annual Card
fee is $55.
-- SkyMiles Business Check Card - businesses earn one mile for every $1
purchased, 5,000 bonus miles for the first signature purchase and a
complimentary Delta Sky Club Day Pass valued at $50. The annual Card
fee is $55.


Beginning June 22, consumers can open SunTrust checking accounts with the new SkyMiles Check Card. Existing SunTrust consumer and business checking clients can also upgrade their existing check cards to the SkyMiles Check Card. For more information on the SunTrust SkyMiles Check Cards, consumers may call 1-877- SUNTRUST to speak with a representative or visit a local SunTrust branch.

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