Wells Fargo's 2014 brand value increased 16.1% compared with last year in the latest Brand Finance Banking 500 study, which calculated a value of $30.2 billion for the bank's reputation and other factors. Also in the top 100 were PNC Financial Services Group, BB&T and SunTrust Banks.
An annual survey set to be released today by the American Customer Satisfaction Index finds that bank approval ratings rose 1.3% this year to 78 out of 100, matching 2007 levels. All four of the nation's largest banks saw improvements, with JPMorgan Chase leading the way at 76, up 3% from last year, followed by Citigroup at 74, Wells Fargo at 72 and Bank of America at 69.
BB&T, based in Winston-Salem, N.C., has added a divisional corporate banking team in Chicago to help raise awareness in the market outside of the insurance and mortgage segments. "We believe that BB&T's relationship-based, values-driven approach along with a strong balance sheet will resonate solidly with clients in the Midwest," Chairman and CEO Kelly King said.
The sale of City National Bank of Florida in Miami is attracting interest from several buyers, including BB&T, PNC Financial Services Group, TD Bank and BankUnited, analysts say. City National, whose Spanish parent company is looking to sell, offers 26 branches and more than $4.3 billion in assets.
BB&T Corp. is planning to open a new bank branch in a Dallas suburb, but that is likely to be the company's only new branch in Texas. Instead, BB&T may bolster its market share in the state by buying a bank that is either based in Texas or has a significant presence there.