SOURCE: Grogan Associates

April 11, 2006 10:07 ET

Grogan Associates Launches Construction Administration Practice to Serve the Banking Industry

New Service Responds to Executive Push for De Novo Growth

DAVIDSON, NC -- (MARKET WIRE) -- April 11, 2006 -- Today, Grogan Associates unveiled a new construction administration practice designed to help facilities and corporate real estate departments at banks and financial institutions manage new growth. The news comes as the high cost of acquisition deals prompts bank executives to turn to de novo growth for expansion.

According to the International Facility Management Association (IFMA), the largest professional association for facility management, growth in bank branches now outpaces growth in the U.S. population placing strain on facility managers and corporate real estate (CRE) departments. According to Tom Grogan, CEO of the innovative consulting firm, "Our clients needed the option to quickly and easily augment their resources with qualified construction administrators whose primary focus is the banking industry. We launched this practice to respond to their needs, supplement their staff and ensure a strong return on investment."

BB&T Corporation's merger with First Virginia, their largest to date, created an extremely high demand for construction changes in the acquired branches. Having previously worked with Grogan, BB&T engaged Grogan on various levels to help the merger go efficiently and to take advantage of Grogan's broad capabilities in the banking industry. "They managed the project, supplemented our resources and completed 120 refurbishments in four months and brought us significant cost savings. Importantly, I felt as though they were members of our team," said Don Cassada, VP Support Services Facilities Development, BB&T.

The Construction Administration "strike team" has 75 combined years of construction and design experience and is connected with architecture firms and a network of contractors ensuring a highly qualified team handles each project. The team, which collectively has been involved in the design and construction of over 750 bank branches, provides specialized knowledge in bank security and equipment, branch merchandising and interior design.

The new practice serves the specific needs of the banking industry and stresses the efficacy of using and re-using a single set of resources. With each project, the team becomes more entrenched in the bank's requirements, thereby reducing risks, controlling costs and maintaining open lines of communication throughout the process. The CA practice offers a spectrum of solutions, from smaller refurbish projects to complete branch redesign and new branch construction projects. To suit the unique needs of clients and the wide range of services, Grogan offers a flexible approach to pricing.

With $109.2 billion in assets, Winston-Salem, N.C.-based BB&T Corporation is the nation's ninth largest financial holding company. BB&T operates more than 1,400 financial centers in the Carolinas, Virginia, Maryland, West Virginia, Kentucky, Tennessee, Georgia, Florida, Alabama, Indiana and Washington, D.C. More information is available at www.BBandT.com.

For more information about Grogan Associates, please visit www.groganassociates.com.

Contact Information

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