WINSTON-SALEM, N.C., Aug. 23, 2013 /PRNewswire/ -- BB&T Corporation (NYSE: BBT) today announced that the Board of Governors of the Federal Reserve System did not object to the Company's revised capital plan submitted in June 2013.
The plan continues BB&T's quarterly common dividend of $.23 per share, which was a 15% increase compared to the fourth quarter last year. The Federal Reserve also did not object to BB&T's plans to continue payment of preferred dividends.
"We are pleased to have one of the highest dividend payout percentages and dividend yields of any of the top financial institutions in the country," said Chairman and Chief Executive Officer Kelly S. King. "In light of several factors, we approached the resubmission conservatively and did not request a further increase in capital deployment at this time.
"Given our 15% first quarter 2013 dividend increase, the fact that we are paying 5 common dividends in 2013, and the July 2 release of final regulatory capital rules, which were imminent at the time of our resubmission and were expected to require higher regulatory capital levels, we believe this approach makes sense," said King."Management and the board of directors will reevaluate our capital position and submit a new plan at the next regular stress test submission in January 2014," said King. BB&T remains among the industry's best capitalized institutions. On March 7, the Fed disclosed the results of its supervisory stress tests, which demonstrated that BB&T is among the most well capitalized banks even after being subjected to the hypothetical supervisory severely adverse scenario. In addition, the results of the stress tests released by the Fed show BB&T to be in the strongest two quartiles of the 18 banks tested and one of only two regional banks to remain profitable over the 9 quarters of the stress test. In addition, BB&T recently received the highest rating for a traditional U.S. bank in Barron's 500 List of America's Top Companies. BB&T has paid a cash dividend to shareholders every year since 1903. The company has approximately 703 million shares outstanding.
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