Summary
Truist Financial Corp (TFC), in an 8-K filing dated April 27, 2001, announced the inclusion of restated financial information related to its merger with FCNB Corp. The merger, which was completed on January 7, 2001, involved FCNB shareholders receiving 0.725 shares of BB&T common stock for each FCNB share, resulting in the issuance of approximately 8.7 million BB&T shares. This filing is significant as it provides investors with the consolidated financial statements and industry-specific disclosures of the combined entity, accounting for the transaction under the pooling of interests method.
Key Highlights
- 1Merger Completion: BB&T Corporation (BB&T) successfully merged with FCNB Corp. (FCNB) on January 7, 2001.
- 2Share Exchange: FCNB shareholders received 0.725 shares of BB&T common stock for each FCNB common stock share.
- 3Share Issuance: Approximately 8.7 million shares of BB&T common stock were issued as part of the merger consideration.
- 4Accounting Method: The merger was accounted for using the pooling of interests method.
- 5Restated Financials: Consolidated financial statements and Industry Guide 3 disclosures for BB&T, restated to include FCNB's accounts, are being provided.
- 6Filing Purpose: The 8-K filing serves to present the necessary restated financial information following the merger.