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BB&T Chairman and CEO Kelly King weighs in on the bank's acquisition of Bank Atlantic and why now was the right time to make this move.
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This morning one of the biggest bank acquisitions of this year announced with North Carolina based BBN today.
Buying bank Atlantic seven -- eight branches and the bulk of its assets.
BBT's goal expand its -- -- and Florida.
Kelly king the CEO of BB -- joins me now on the phone from the five state of North Carolina.
Good to speak with you Kelly why.
And simple question why now.
Well thanks for having a ball -- I.
Mallard the right now because likely.
This is a good opportunity but this is huge.
Thomas brought this just speak in America.
My secretary and armchair and then -- from our point of view -- We're we're long term bullish on global -- Not know a lot of people have been very.
Negative about all the sort of -- like most of the current company as -- talented but.
I -- commodity people but it.
Not Lauren and gender -- still mighty warm and they still have eighteen million people -- -- with as a long term opposed -- How focused are you go on Kelly but a building your commercial and industrial customer business as opposed to say.
Retail and home lines which got well everybody into one form of trouble or another are.
-- and they have real state now.
Well we try to keep our trumpeted from a at that point of view barely -- about it certainly felt it commercial.
Now on the retail.
Most of that is.
It micro as well -- -- ask you -- number.
But it landed.
It's probably we did not do a lot of there's really there's Epoch of those -- and not a lot of companies it is -- -- their real world.
Our our long term strategy your -- -- -- -- globally balanced between rich don't -- But we started all of -- spoke with don't -- -- our our city our book of business now.
-- called -- but it.
The first patient in terms of dark commercialized there's been very very appropriate.
We have a pretty unique opportunity now is that we can't be a fairly large company you know not adequately it less several years but.
A lot of the magic properties in the country have walls of their substantial part of our bumped up -- the problem -- Why are it's a really good opportunity for us -- deputy beer -- financial on the a lot of really good companies that would -- outbreak and there.
Kelly speaking of rivals we just reported that Bank of America has decided to -- That five dollar debit card -- it was going to charge customers every month or debit card purchases.
And I just wanted to get your reaction to that and really the -- and anger are.
Bit all of the banks are facing these days for people across this country -- feel like that there didn't.
The stick.
Yeah well look at post break the trust all the big clear but -- -- better week we have looked at an average of course we we didn't do -- to start with.
We've we've -- and that.
But you know I've been somewhat surprised by equity at that level of intent that -- the outlook spot only the -- are basically.
But I have not there's a lot of debt but -- movement are.
-- The armed and even outraged -- but there's been rated really economic.
The last.
-- -- -- -- And what kind of an -- we have been been a long is at that this has it and I understand people who are the pulpit to their current trying to put her to people who are all but.
-- -- What Kelly on that note we were watching the markets -- the -- as we speak is down more than 250 points 266.
Yet the Greek Prime Minister calling for this up or down vote on the bail out there.
How much are you worried about the impact of Europe's troubles on the US economy.
Moderate.
You know there's where -- but -- but a lot of people are first of all -- We yet -- -- -- globally we'll get -- Europe product disputed it is the best.
It unconscionable that the widely debated cough or thought about that are compelled by report -- -- it does not agree -- still believe -- economic entity.
And it -- we have to out -- battleground and real loud but look there's been a lot of emotional -- Recent got a realistic prospect that have been created to use -- if they have to deal with.
Pope Benedict and it was in the conflict the Europe on with a -- of the note that's it -- Europe is not gonna spiral the bulk freight.
And and whatever happens in terms of a recession in Europe is Barbara -- the United States now people have a negative impact.
But underlying economic posited that United States about it that's really are we've been around as we're on the -- -- -- coming out.
I think we have all already been -- positive that the did not take it.
Kelly -- to join us on the that take care yourself have sticky various and Kelly king of what it means that aren't -- -- it.
Are -- another banking story that we're gonna talk about coming up in a moment -- the bank loans that have been boosting the economy.
