The Richmond-based investment advisory arm of a national bank has been on the move of late, opening two new offices over the last month.
BB&T Scott & Stringfellow, headquartered downtown in Riverfront Plaza, last month announced new outposts in Houston, Texas, and Williamston, North Carolina.
Bryan Cram, president of Scott & Stringfellow, said the moves are part of the firm’s strategy to expand its brokerage and advisory services into new markets where the larger BB&T bank already has a presence.
“BB&T operates in a lot more markets than we have been in traditionally,” Cram said of Scott & Stringfellow, which was founded in Richmond in 1893 and became part of BB&T in 1999.
That strategy has led to 19 new offices in the last five years. The firm now has 57 offices in 11 states and manages more than $35 billion in client assets. Richmond remains its largest office.
The Houston office is the firm’s second in Texas. BB&T has had a banking presence there for about a decade. The new office is manned by Will Kopp and Chris Cookson, both of whom were previously with UBS.
The new office in Williamston, a small town in eastern North Carolina, takes Scott & Stringfellow closer to its parent company’s birthplace.
“That’s BB&T’s roots,” Cram said of that part of the Carolinas. The bank started in Wilson, about an hour west of Williamston. The $220 billion bank is now headquartered in Winston-Salem.
The Williamston office is manned by managing director Scott West, who was previously with Merrill Lynch.
Going forward, Cram said, the firm will continue to expand through 2018, likely in states it’s already in.
Scott & Stringfellow, along with Richmond-based investment banking arm BB&T Capital Markets, operate under BB&T Securities, the bank’s broker-dealer brand.