BB&T pension plan buys BB&T common stock
Wednesday, July 23, 2008WINSTON-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.
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