WINSTON-SALEM -- BB&T Corporation (NYSE: BBT) Friday announced its new chief executive officer.

Raleigh, N.C.-native Kelly S. King assumed the helm as the financial services company’s CEO Jan. 2.

King succeeds former Chief Executive Officer John Allison, who retired Dec. 31, 2008, after 19 years as CEO.

Allison will continue to serve as chairman of the board until the end of the year.

The 60-year-old King, who began his career at BB&T in 1972, steps into the chief executive’s role with the nation mired in the worst economic crisis since the Great Depression.

“If you’re someone who relishes a challenge, then you certainly couldn’t ask for a better time to assume the role as CEO of a major financial services company than right now,” King said. “We’ve got a tremendous amount of work to do in incredibly trying times, but I firmly believe that BB&T is poised – probably as well as any other financial services company in the country – to come out on the other side of this recession in a very favorable position.”

King pointed to evidence of the company’s overall good health, including last year’s decision to increase its shareholder dividend for the 37th consecutive year; disciplined lending standards; new clients bringing new deposits; and a balance sheet unmarred by toxic loans that continue to beset other banks.

King said the company will focus on four primary areas this year under his leadership: Continuing to work through the credit crisis, revenue growth, client service quality and expense control.

The Raleigh, N.C., native had previously served as chief operating officer since 2004 in executive management since 1987.

With $137 billion in assets, BB&T Corporation operates more than 1,500 financial centers in 11 states and Washington, D.C.

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