Exhibit 99.1
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| Jan. 30, 2009 | | |
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| FOR IMMEDIATE RELEASE | | |
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| Contacts: | | |
| ANALYSTS | | MEDIA |
| Tamera Gjesdal | | Bob Denham |
| Senior Vice President | | Senior Vice President |
| Investor Relations | | Corporate Communications |
| (336) 733-3058 | | (336) 733-1475 |
Despite strong performance, BB&T will not pay bonuses to members of executive team
WINSTON-SALEM, N.C.– BB&T Corporation (NYSE: BBT), which earned $1.5 billion in net income in 2008, said today that members of its executive team will not receive annual bonuses under its short-term incentive plan.
“We have traditionally set very difficult goals, and although we are among the top performers in the financial industry in 2008, we did not earn a bonus based on our targets,” said Chief Executive Officer Kelly S. King. “This has been an extremely difficult economic environment, even for well-capitalized and profitable financial institutions.”
BB&T is one of the strongest capitalized financial institutions in the industry. BB&T’s Tier I capital ratio, a measure of financial strength and soundness, is 12.0 percent, significantly higher than the government’s safety threshold of 6 percent. BB&T’s total capital ratio is 17.1 percent, notably higher than the government’s minimum ratio to be well capitalized of 10 percent.
With $152 billion in assets, BB&T Corporation (NYSE: BBT) is the nation’s 12th largest financial holding company and operates more than 1,500 financial centers in 11 states and Washington, D.C. More information about the company is available at BBT.com.
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