Page 16 - 2018 Comprehensive Annual Financial Report - City of Winston-Salem
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FINANCIAL SERVICES
BB&T Corporation (BB&T), a Fortune 500 company Salem and employs 2,745 workers here. With $1.9 trillion in
headquartered in Winston-Salem, is a fast growing, highly assets, Wells Fargo has more than 8,500 locations in 38
pro table nancial holding company with 2,100 employees countries and territories.
here. BB&T touts its operating strategy as unique, in that each Piedmont Federal Savings Bank, founded in 1903 in
banking subsidiary is organized as a group of community Winston-Salem, continues to be one of the nation’s soundest
banks with a regional president, allowing for local decision- banks. The bank prides itself on refusing to sell any of its home
making and better customer service. As of June 30, 2018, BB&T loans to other institutions. As a mutual savings bank, Piedmont
Corp was one of the largest U.S. nancial services holding Federal is FDIC-insured, with its customers as its only
companies, with $222.7 billion in assets and market capitalization stakeholders. The bank operates 10 retail branches in Forsyth,
of $39.1 billion. It operates more than 2,100 nancial centers in Wilkes and Watauga counties.
15 states and Washington, D.C., and o ers a full range of
consumer and commercial banking, securities brokerage, Winston-Salem is also home to two of the state’s largest credit
asset management, mortgage and insurance products and unions. Allegacy Federal Credit Union, founded in 1967 to
services. BB&T has paid a cash dividend to shareholders every serve employees of Reynolds Tobacco Co., now has 143,000
year since 1903. owner-members worldwide with over $1.43 billion in assets.
Truliant Federal Credit Union, chartered in 1952 to serve
Wells Fargo & Co. bought Wachovia Corp., founded in 1879 in employees of Western Electric, now has more 200,000
Winston-Salem, in 2008. While Wells Fargo’s headquarters is member-owners throughout the U.S. and assets of more than
located in San Francisco, it maintains a major operation of the $2 billion.
bank’s wealth, brokerage, and retirement division in Winston-
10 2018 AN NUAL R E P O R T
