WINSTON-SALEM, N.C.,
June 29, 2016 /PRNewswire/
-- BB&T Corporation (NYSE: BBT) today announced the board
of governors of the Federal Reserve System accepted its capital
plan and did not object to its proposed capital actions.
The capital actions include a recommendation to increase the
quarterly dividend $0.02 to
$0.30, a 7 percent increase. This
action will be considered by the board at its July 26 meeting. The plan also incorporates other
uses of capital including the two completed acquisitions (National
Penn Bancshares and Swett & Crawford) and capital distributions
of up to $640 million in share
repurchase transactions beginning in the third quarter of 2016.
"We are pleased to receive the Federal Reserve's non-objection
to our plan to increase dividends and authorize a share repurchase
program," said Chairman and Chief Executive Officer Kelly S. King. "This allows us to provide one of
the strongest dividend payouts among regional banks. It also
demonstrates BB&T's continued capital strength and our
commitment to serving our clients and communities, as we generate
long-term benefits for our shareholders."
BB&T submitted its capital plan, approved by its board of
directors, to the Federal Reserve, FDIC and the North Carolina Commissioner of Banks in
April 2016 as part of the
Comprehensive Capital Analysis and Review of 33 bank holding
companies.
About BB&T
BB&T is one of the largest
financial services holding companies in the U.S. with approximately
$212.4 billion in assets and market
capitalization of approximately $26.0
billion, as of March 31, 2016.
Based in Winston-Salem, N.C., the
company operates 2,263 financial centers in 15 states and
Washington, D.C., and offers a
full range of consumer and commercial banking, securities
brokerage, asset management, mortgage and insurance products and
services. A Fortune 500 company, BB&T is recognized
consistently for outstanding client satisfaction by the U.S. Small
Business Administration, Greenwich Associates, and others. BB&T
also has been named one of the World's Strongest Banks by
Bloomberg Markets Magazine, one of the top three in the U.S.
and in the top 15 globally. More information about BB&T and its
full line of products and services is available at BBT.com.
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SOURCE BB&T Corporation