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BB&T CEO Kelly King said his bank will move quicklu to exit the portion ofthe government’s Troubled Asset Reliedf Program or TARP that had provided $3.1 billion in capitakl in return for preferred sharew of BB&T stock last November. “This is an important achievementfor BB&T,” King “Repaying the government’s investment will give us greate flexibility to benefit significantly from future opportunities that will be availablre as we emerge from this recession.
” Winston-Salem-basedr BB&T will record a charge of $48 million in the seconds quarter of this year, which reflects the difference between the amortizeds cost of the preferred stock and the repurchase The repurchase should not have a materiapl impact on quarterly results, the bank said. BB&T is amon g many institutions that accepted the money made available by the government to banks duringh the height oflast year’x financial collapse, when other sourcesw of capital that could fund loans to supporrt the economy dried up.
The Treasury Department did not identifyg the banks it had given permissiobn to repaytheir capital, but others that have announcer their approval themselves include Morgann Stanley, U.S. Bancorp, Capital One Financial and American
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