Summary
Truist Financial Corp (TFC) filed an 8-K on July 25, 2001, primarily to disclose the completion of its merger with Century South Banks, Inc. (Century South) on June 7, 2001. The merger was a stock-for-stock transaction where Century South shareholders received 0.93 shares of BB&T common stock for each Century South share, resulting in the issuance of 12.7 million new shares of BB&T stock. This filing indicates that the transaction was accounted for using the pooling of interests method. Consequently, BB&T's previously filed consolidated financial statements for the years ended December 31, 2000, 1999, and 1998, have been restated to include the accounts of Century South. Investors should note that these restated financial statements, along with supporting documents like the computation of earnings per share and consent of independent accountants, are provided as exhibits.
Key Highlights
- 1Merger completed between BB&T Corporation and Century South Banks, Inc. on June 7, 2001.
- 2Century South shareholders received 0.93 shares of BB&T common stock per share of Century South stock.
- 312.7 million shares of BB&T common stock were issued to complete the merger.
- 4The merger was accounted for using the pooling of interests method.
- 5Consolidated financial statements for 2000, 1999, and 1998 have been restated to include Century South's accounts.
- 6Key financial exhibits, including restated audited financial statements and earnings per share computation, are included.