WINSTON-SALEM, N.C., July 23 /PRNewswire-FirstCall/ -- BB&T Corporation
(NYSE: BBT) today announced that BB&T's pension plan purchased
approximately 2.45 million shares of BB&T common stock for approximately
$52.9 million in a private placement transaction. At the completion of the
purchase, approximately 5 percent of the fair market value of the pension
plan's assets was held in BB&T common stock. The privately placed shares
are generally restricted from trading for six months.
At June 30, BB&T's pension plan had more than $1.5 billion in assets.
The price of the shares was determined by an independent appraisal firm,
subject to the review and approval of an independent fiduciary retained on
behalf of the plan.
At June 30, BB&T had $136.5 billion in assets and operated 1,489
banking offices in 11 states and Washington, D.C. More information about
the company is available at http://www.bbt.com/ .
This press 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 press release.
SOURCE BB&T Corporation
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Related links:
http://www.bbt.com
http://www.prnewswire.com/comp/809325.html /
CONTACT:
ANALYSTS: Tamera Gjesdal, Senior Vice
President, Investor Relations, +1-336-733-3058, Chris Henson, Sr.
Exec. Vice President, Chief Financial Officer, +1-336-733-3008,
or MEDIA: Bob Denham, Senior Vice President, Corporate
Communications, +1-336-733-1475
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