BB&T targets charity – Bank creates trust unit

By Todd Cohen

Targeting the increasingly competitive market of charitable assets, BB&T has created a new unit in its trust services department to handle its charitable funds business.

Teena Anderson, former executive director of the Rex Healthcare Foundation, heads the new foundations and endowments unit.

The new unit aims to build and support the bank’s relationships with foundation and endowment accounts, and to develop new accounts, Anderson says.

The new unit is being piloted mainly in the Triangle and is being  expanded to other regions served by the bank.

Winston-Salem-based BB&T, with $45.5 billion in assets, manages $2.2 billion in foundation and endowment assets.

Researchers at Boston College estimate that the transfer of wealth in the U.S. over the 55-year period from 1998 to 2052 will range from $41 trillion to $136 trillion.

The researchers, at Boston College’s Social Welfare Research Institute, estimate that charitable bequests over the 5-year period will range from $6 trillion to $25 trillion.

 

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