Exhibit 11

                  BB&T FINANCIAL CORPORATION AND SUBSIDIARIES
                       COMPUTATION OF PER SHARE EARNINGS



 
 
                                                             Three Months Ended        Nine Months Ended         
                                                                September 30,            September 30,           
                                                         --------------------------------------------------      
($ in thousands, except share and per share)                  1994         1993        1994         1993         
                                                           -----------  ----------  -----------  ----------      
                                                                                                  
Primary                                                                                                          
  Net income                                                   $32,207      27,022      $87,586      77,961      
                                                         =========================  =======================      
Shares                                                                                                           
  Weighted average number of common shares                                                                       
   outstanding                                              36,342,463  35,908,584   36,195,312  34,731,246      
  Add shares assuming exercise of options reduced by 
   the number of shares which could have been purchased 
   with the proceeds from exercise of such options             428,582     546,378      431,820     549,287       
                                                         -------------------------  -----------------------
  Primary weighted average number of common shares                                                               
   and equivalent shares                                    36,771,045  36,454,962   36,627,132  35,280,533      
                                                         =========================  =======================      
Primary income per common share and equivalent share           $   .88         .74      $  2.39        2.21      
                                                         =========================  =======================      
Assuming full dilution                                                                                           
  Net income                                                   $32,207      27,022      $87,586      77,961      
  Add after tax interest expense and amortization of                                                             
    issue costs applicable to convertible debenture                 --          --           --         380
                                                         -------------------------  -----------------------      
   Net income as adjusted                                      $32,207      27,022      $87,586      78,341      
                                                         =========================  =======================      
                                                                                                                 
Shares                                                                                                           
  Weighted average number of common shares     
   outstanding                                              36,342,463  35,908,584   36,195,312  34,731,246      
  Add shares assuming exercise of options reduced by 
   the number of shares which could have been purchased                  
   with the proceeds from exercise of such options             428,582     553,382      431,820     564,623              
  Add shares assuming conversion of convertible   
   debentures                                                       --          --           --     746,921      
   Fully diluted weighted average number of shares          36,771,045  36,461,966   36,627,132  36,042,790
                                                         =========================  =======================      
Fully diluted income per share                                 $   .88         .74      $  2.39        2.17      
                                                         =========================  =======================