BB&T Corporation (BBT) reported fourth quarter operating earnings per share of 27 cents, substantially ahead of the Zacks Consensus Estimate of 20 cents and the reported figure of 23 cents in the prior quarter. However, earnings decreased from 51 cents in the year-ago quarter.

During the quarter, BB&T’s results were driven by strong mortgage banking operations, record insurance income, solid growth in net interest income along with an increase in average client deposits that reflected a continued improvement in deposit mix and the impact of the Colonial acquisition. However, significant weakness was experienced in non-performing assets, higher loan losses and additional loan loss reserves.

GAAP net income in the quarter was $185 million, down 35% from $284 million in the prior-year quarter but up 21.7% from $152 million in the third quarter of 2009.

For full year 2009, BB&T's net income was $877 million, compared to $1.5 billion in 2008. Earnings per

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by May Eastwood Elenore Lewis Brenda Warden Pamela Stewart

What’s the FDIC?

The world financial crisis has dried up the credit market, caused money giants like Lehman Brothers to crash, and forced gigantic banks to combine, making many folks wonder where their money will be safe. Through the FDIC or the Federal Deposit Insurance Corporation the bank is still the best place to keep your money regardless of what occurs to your bank. In October 2008 the deposit insurance was briefly raised to $250,000 per depositor thru December 31, 2009, so if your area bank falls down you can still be guaranteed your deposit up to $250,000.

FDIC 101

Established in 1933, the FDIC was made to guarantee public confidence in the banking system. This worked by providing all depositors in FDIC-insured banks coverage up to $5,000 ( in the thirty’s ), and second by taking over for a failed bank …

LOS ANGELES - IndyMac Bank’s assets were seized by federal regulators on Friday after the mortgage lender succumbed to the pressures of tighter credit, tumbling home prices and rising foreclosures. The bank is the largest regulated thrift to fail and the second largest financial institution to close in U.S. history, regulators said. The Office of Thrift Supervision said it transferred IndyMac’s operations to the Federal Deposit Insurance Corporation because it did not think the lender could meet its depositors’ demands. IndyMac customers with funds in the bank were limited to taking out money via automated teller machines over the weekend, debit card transactions or checks, regulators said. Other bank services, such as online banking and phone banking were scheduled to be made available on Monday. “This institution failed today due to a liquidity crisis,” OTS Director John Reich said. The lender’s failure came the same day that financial markets plunged when investors tried ...