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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