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N.C. bank says One Valley jobs here are safe

February 10, 2000|By KERRY LYNN FRALEY

No employees at One Valley Bank branches in the Eastern Panhandle will lose their jobs as a result of Charleston, W.Va.-based One Valley Bancorp's acquisition by BB&T Corp., a BB&T spokesman said Thursday.

"In fact, we want them to stay. They're valuable employees who have established an important relationship with customers," said Bob Denham, vice president of public relations for the Winston-Salem, N.C.-based banking giant.

BB&T Corp. announced Monday it will acquire One Valley - which has branches in Berkeley, Jefferson and Morgan counties in West Virginia - in a $1.2 billion stock swap, creating the nation's 18th largest financial institution.

The acquisition is expected to be completed in July, August or September 2000, Denham said.

One Valley Bank branches will become BB&T branches about a year from now, when their computers are converted to BB&T's computer system, he said.

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Customers will benefit from being part of a $52 billion bank, which will offer them a broader, more sophisticated line of products and services, Denham said.

Fees won't rise as a result of the acquisition, he said.

While BB&T is large, it's broken into regions that look and act like community banks, Denham said. Each has its own president and makes its own decisions.

One Valley Bank territory will be carved into three community bank regions, one headquartered in Charleston, he said.

Some One Valley Bank system jobs that duplicate BB&T positions will be eliminated as a result of the acquisition, Denham said.

But they'll be back-office jobs, mainly in Charleston, he said.

One Valley Bank branches are in new territory for BB&T, Denham said.

BB&T Corp. - which started as Branch Banking & Trust in Wilson, N.C., in the late 1800s - operates 687 banking offices in North Carolina, South Carolina, Georgia, Virginia, Maryland, West Virginia, Kentucky and Washington, D.C., he said.

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