Exhibit 99.1

                   REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

To the Shareholders of BB&T Corporation:

  We have audited the accompanying consolidated balance sheets of BB&T
Corporation (a North Carolina corporation), and subsidiaries as of December
31, 1999 and 1998, and the related consolidated statements of income, changes
in shareholders' equity and cash flows for each of the three years in the
period ended December 31, 1999. These financial statements are the
responsibility of the Company's management. Our responsibility is to express
an opinion on these financial statements based on our audits.

  We conducted our audits in accordance with auditing standards generally
accepted in the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

  In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of BB&T Corporation and
subsidiaries as of December 31, 1999 and 1998, and the results of operations
and cash flows for each of the three years in the period ended December 31,
1999 in conformity with accounting principles generally accepted in the United
States.

                                          Arthur Andersen LLP

Charlotte, North Carolina,
April 27, 2000.

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