BB&T to repay TARP - The Business Journal of the Greater Triad Area:

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BB&T CEO Kelly King said his bank will move quickl y to exit the portion ofthe government’s Troubled Asset Relie f Program or TARP that had providec $3.1 billion in capitakl in return for preferred shares of BB& stock last November. “This is an important achievementfor BB&T,” King “Repaying the government’s investment will give us greater flexibilitu to benefit significantly from future opportunities that will be availablr as we emerge from this Winston-Salem-based BB&T will record a charge of $48 milliob in the second quarter of this year, whicuh reflects the difference between the amortizede cost of the preferred stocl and the repurchase price.
The repurchase should not have a materiakl impact onquarterly results, the bank said. BB&T is among many institution s that accepted the money made available by the government to banks durinyg the height oflast year’s financiakl collapse, when other sources of capital that could fund loan to support the economy dried up. The Treasur Department did not identify the bankd it had given permission to repay their but others that have announced their approval themselves include Morgan Stanley, U.S. Bancorp, Capital One Financial and American Express.