BB&T Corporation (NASDAQ:BBAAY) Files An 8-K Other EventsITEM 8.01
BB&T Corporation (“BB&T”) today announced a $200 million increase to its 2016-2017 common stock repurchases. BB&T expects to implement the additional $200 million in repurchases through an accelerated share repurchase agreement (“ASR”) prior to the end of 2016. This amount is in addition to the $640 million in share repurchases authorized by BB&T’s Board of Directors and announced in connection with the company’s 2016 planned capital actions earlier this year.
BB&T’s Board of Directors approved the increase following receipt of a non-objection from the Board of Governors of the Federal Reserve System.
The ASR will be entered into as part of the company’s existing 2015 Share Repurchase Plan, which has approximately 46 million shares remaining as of September 30, 2016. Under the terms of the ASR, the repurchases will commence in 2016 and are expected to be completed in early 2017. The total number of shares repurchased will be based on the company’s volume-weighted average stock price, less a discount, during the term of the ASR.
BB&T has repurchased 4.1 million shares of its common stock this quarter under its previously announced share repurchase program.