BB&T pays Treasury more than $3.1 billion to exit TARP

/PRNewswire / -- BB&T Corporation (NYSE:BBT) today said it has exited the Troubled Asset Relief Program, or TARP, by buying back the preferred stock sold to the U.S. Treasury Department under the Capital Purchase Program last November.

BB&T will pay approximately $3.1 billion to the Treasury to repurchase the preferred stock, plus a final dividend payment of about $13.9 million, bringing BB&T's total dividend payments under TARP to approximately $92.7 million.

"This was, in fact, an excellent investment for the American taxpayer," said BB&T Chief Executive Officer Kelly King. "Our strong capital position allowed us to pay back TARP in a very short amount of time. But what's important today is that we've repaid the government, and now we have a singular focus on the business of serving our clients.

"Throughout this period, BB&T has experienced very good loan growth," King said. "We will continue to actively pursue and make every good loan we can find."

BB&T has notified the Treasury of its intent to repurchase the outstanding warrant associated with TARP, which allows the Treasury to purchase up to 13.9 million shares of the company's common stock. Any adjustment resulting from the repurchase of the outstanding warrant will be accounted for in the second or third quarter of 2009.

With $143.4 billion in assets, Winston-Salem, N.C.-based BB&T Corporation is the nation's 10th largest financial holding company. Founded in 1872, it operates more than 1,500 financial centers in 11 states and Washington, D.C. More information about the company is available at BBT.com.

This news release contains certain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Actual results may differ materially from current projections. Please refer to BB&T's filings with the Securities and Exchange Commission for a summary of important factors that may affect BB&T's forward-looking statements. BB&T undertakes no obligation to revise these statements following the date of this news release.

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