BB&T announces Federal Reserve's response to its CCAR capital plan
BB&T announces Federal Reserve's response to its CCAR capital plan |
[28-June-2018] |
WINSTON-SALEM, N.C., June 28, 2018 /PRNewswire/ -- BB&T Corporation (NYSE: BBT) today announced the Board of Governors of the Federal Reserve System accepted its capital plan and did not object to its proposed capital actions. The capital actions include a recommendation to increase the quarterly dividend $0.03 to $0.405, an 8-percent increase. This action will be considered by the board of directors at its July 24 meeting. The plan also incorporates other uses of capital, including capital distributions of up to $1.7 billion in share repurchase transactions beginning in the third quarter of 2018 through the second quarter of 2019, of which a portion will be used for the announced acquisition of Regions Insurance Group. "We are pleased to receive the Federal Reserve's non-objection to our plan to increase dividends and authorize a share repurchase program," said Chairman and Chief Executive Officer Kelly S. King. "This allows us to continue to provide one of the strongest dividend payouts among regional banks. This increase is in addition to our previously announced 13.6-percent increase in the common quarterly dividend earlier this year. These actions demonstrate BB&T's continued capital strength and our commitment to serving our clients and communities as we generate long-term benefits for our shareholders." BB&T submitted its capital plan, approved by its board of directors, to the Federal Reserve, FDIC and the North Carolina Commissioner of Banks in April 2018 as part of the Comprehensive Capital Analysis and Review. About BB&T Forward-Looking Statements The timing and exact amount of future repurchases of BB&T shares will be consistent with BB&T's capital plan and subject to various factors, including BB&T's capital position, liquidity, financial performance, alternative uses of capital, stock trading price, and general market conditions, and may be suspended at any time. The share repurchases may be executed through open market purchases, privately negotiated transactions, and trading plans established in accordance with Securities and Exchange Commission rules or other means. View original content:http://www.prnewswire.com/news-releases/bbt-announces-federal-reserves-response-to-its-ccar-capital-plan-300674403.html SOURCE BB&T Corporation | ||
Company Codes: NYSE:BBT, NYSE:BBT.PRG, NYSE:BBT.PRF, NYSE:BBT.PRE, NYSE:BBT.PRD, NYSE:BBT.PRH |
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