| July 23, 2008 | | | | |
| |
| FOR IMMEDIATE RELEASE | | |
| |
| Contacts: | | | | |
| ANALYSTS | | | | MEDIA |
| Tamera Gjesdal | | Chris Henson | | Bob Denham |
| Senior Vice President | | Sr. Exec. Vice President | | Senior Vice President |
| Investor Relations | | Chief Financial Officer | | Corporate Communications |
| (336) 733-3058 | | (336) 733-3008 | | (336)733-1475 |
BB&T pension plan buys BB&T common stock
WINSTON-SALEM, N.C.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 athttp://www.bbt.com/.
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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.
