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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Fidelity Southern Corporation Receives $48.2 Million From U.S. Treasury

/PRNewswire-FirstCall/ -- Fidelity Southern Corporation (NASDAQ:LION) , the holding company for Fidelity Bank, today announced that it has received $48.2 million from the U.S. Treasury through the sale of 48,200 shares of the Company's authorized Fixed Rate Cumulative Perpetual Preferred Stock, Series A, as part of the federal government's TARP Capital Purchase Program.

"We are pleased to have been approved to participate in this voluntary program implemented for healthy financial institutions," said President H. Palmer Proctor, Jr. He also stated that, "Since the Bank already exceeds well capitalized regulatory guidelines, the loan proceeds will be utilized to increase our lending capacity, improve our ability to work with troubled borrowers, and support the Bank's broader strategic growth and community service initiatives."

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Colonial BancGroup Announces Status of the U.S. Treasury’s Capital Purchase Program Application

(BUSINESS WIRE)--The Colonial BancGroup, Inc. (NYSE: CNB) is making the following announcement in order to correct what it perceives to be misinformation in the market place. Colonial has, in fact, applied for participation in the TARP Capital Purchase Program. Its application was delivered to the FDIC in a timely manner. While assurances can not be given as to the outcome of the application, Colonial has been given no information that would lead it to doubt that its application is not being processed through the normal channels. At this time, it is not possible to project when we will receive an answer to the application.

Colonial BancGroup operates 344 branches in Florida, Alabama, Georgia, Nevada and Texas with over $26 billion in assets. The Company’s common stock is traded on the New York Stock Exchange under the symbol CNB and is located online at www.colonialbank.com. In some newspapers, the stock is listed as ColBgp.

This release includes “forward-looking statements” within the meaning of the federal securities laws. Words such as “believes,” “estimates,” “plans,” “expects,” “should,” “may,” “might,” “outlook,” “potential” and “anticipates,” the negative of these terms and similar expressions, as they relate to The Colonial BancGroup, Inc. (BancGroup) (including its subsidiaries or its management), are intended to identify forward-looking statements. The forward-looking statements in this release are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by such statements. In addition to factors mentioned elsewhere in this release or previously disclosed in BancGroup’s SEC reports (accessible on the SEC’s website at www.sec.gov or on BancGroup’s website at www.colonialbank.com), the following factors, among others, could cause actual results to differ materially from forward-looking statements and future results could differ materially from historical performance. These factors are not exclusive:

* losses to our loan portfolio are greater than estimated or expected;
* an inability to raise additional capital on terms and conditions that are satisfactory;
* the impact of current economic conditions on our ability to borrow additional funds to meet our liquidity needs;
* economic conditions affecting real estate values and transactions in BancGroup’s market and/or general economic conditions, either nationally or regionally, that are less favorable then expected;
* changes in the interest rate environment which expand or reduce margins or adversely affect critical estimates as applied, projected returns on investments, and fair values of assets;
* deposit attrition, customer loss, or revenue loss in the ordinary course of business;
* increases in competitive pressure in the banking industry and from non-banks;
* costs or difficulties related to the integration of the businesses of BancGroup and institutions it acquires are greater than expected;
* the inability of BancGroup to realize elements of its strategic plans for 2008 and beyond;
* natural disasters in BancGroup’s primary market areas which result in prolonged business disruption or materially impair the value of collateral securing loans;
* management’s assumptions and estimates underlying critical accounting policies prove to be inadequate or materially incorrect or are not borne out by subsequent events;
* the impact of recent and future federal and state regulatory changes;
* current and future litigation, regulatory investigations, proceedings or inquiries;
* strategies to manage interest rate risk may yield results other than those anticipated;
* changes which may occur in the regulatory environment;
* a significant rate of inflation (deflation);
* unanticipated litigation or claims;
* acts of terrorism or war; and
* changes in the securities markets.

Many of these factors are beyond BancGroup’s control. The reader is cautioned not to place undue reliance on any forward looking statements made by or on behalf of BancGroup. Any such statement speaks only as of the date the statement was made or as of such date that may be referenced within the statement. BancGroup does not undertake any obligation to update or revise any forward-looking statements.

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