BB&T Pays Treasury More Than $3.1B To Exit TARP

BB&T Corp. says it has paid back the $3.1 billion in bailout money it received from the government, plus a final dividend payment of about $13.9 million.

The Winston-Salem, N.C.-based bank redeemed the preferred stock it issued to the Treasury Department as part of Troubled Asset Relief Program, or TARP.

The bank also plans 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, the company in a statement.

Shares of BB&T fell 98 cents, or 4.4 percent, to $21.25 in morning trading.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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  • by ace Location: plymouth on Jun 18, 2009 at 07:57 AM
    Glad they paid the money back. It was the right thing to do. Wonder if General Motor Corp. (GMC= Goverenment Motors Corp) will do the same. I noticed the otdher day GMC charges $975 dollars to ship a car from Detroit to NC but it only cost $200 to ship a car from Japan to NC.People are tirede of paying high prices to cover CEO and hourly wages of workers.
  • by anonymous on Jun 17, 2009 at 01:43 PM
    Wonder if this means BB&T is free to give huge salaries to people whose knowledge doesn't extend to banking. Sometimes it is 'what' you know about 'who' that gets you in line for big bucks. I know it isn't the depositors who are getting anything!
  • by Derek Location: Greenville on Jun 17, 2009 at 12:21 PM
    So there was a silver lineing to bailing out some banks. Good for them. Now stop screwing us over!
  • by Chris Location: Washington on Jun 17, 2009 at 09:45 AM
    Good for them. Not a member but great move.
  • by Dwayne Location: Greenville on Jun 17, 2009 at 09:27 AM
    Smart move. Cut all ties. Timothy's feeling are probably hurt.

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