Summary
This 8-K filing from TRUIST FINANCIAL CORP (TFC), filed on October 5, 2001, primarily concerns the retrospective inclusion of F&M National Corporation's financial data into BB&T's historical financial statements, following their merger completed on August 9, 2001. The merger involved an exchange of BB&T common stock for F&M common stock, resulting in the issuance of 31.1 million shares of BB&T stock. For investors, the key takeaway is that BB&T's (which is TRUIST FINANCIAL CORP in this context as the entity presenting the filing) historical financial reporting from December 31, 2000, back to 1998, has been restated to incorporate F&M's accounts using the pooling of interests method. This means prior period performance and financial position now reflect the combined entity, ensuring comparability and a more complete historical view following the acquisition.
Key Highlights
- 1BB&T Corporation completed its merger with F&M National Corporation on August 9, 2001.
- 2F&M shareholders received 1.09 shares of BB&T common stock per F&M share, leading to the issuance of 31.1 million BB&T shares.
- 3The merger was accounted for using the pooling of interests method.
- 4BB&T's consolidated financial statements for years ended December 31, 2000, 1999, and 1998, have been restated to include F&M's accounts.
- 5Supplemental financial information required by Industry Guide 3 has also been restated to incorporate F&M's data.
- 6The filing includes exhibits such as computations of Earnings Per Share, consents and reports of independent public accountants, and the restated audited financial statements and statistical disclosures.