Fed Approves BB&T CCAR Capital Plan
BB&T Corporation announced the board of governors of the Federal Reserve System accepted its capital plan and did not object to its proposed capital actions.
The capital actions include a recommendation to increase the quarterly dividend $0.03 to $0.27, a 12.5% increase. This action will be considered by the board at its April 27 meeting. The plan also incorporates other uses of capital including the three announced acquisitions (Citi Texas branches, The Bank of Kentucky and Susquehanna Bancshares) and cumulative share buybacks of up to $820 million beginning in Q3/15.
“We are pleased to receive the Federal Reserve’s non-objection to move forward with our capital plan and to reward our shareholders,” said chairman and CEO Kelly S. King. “This demonstrates BB&T’s strength and our continued use of resources to benefit our shareholders and grow our company in a way that supports our communities and clients.”
BB&T submitted its capital plan, approved by its board of directors, to the Federal Reserve, FDIC and the North Carolina Commissioner of Banks in January 2015 as part of the Comprehensive Capital Analysis and Review of 31 bank holding companies.