Summary
Truist Financial Corporation (TFC), formerly BB&T Corporation, announced on February 27, 2002, its approval of a new share buyback program. The plan authorizes the repurchase of up to 40 million shares of its common stock, which will be utilized for general corporate purposes. This new program supersedes a previous plan from October 2000 that allowed for the repurchase of up to 20 million shares, primarily for use in business combinations accounted for as purchases. Approximately 14.8 million shares were repurchased under the prior authorization, and that authority has now been terminated.
Key Highlights
- 1BB&T Corporation announced a new share buyback program authorizing the repurchase of up to 40 million shares of common stock.
- 2The new program replaces a prior plan approved in October 2000, which had an authorization for up to 20 million shares.
- 3The previous plan was primarily intended for shares to be issued in specific business combinations accounted for as purchases.
- 4Approximately 14.8 million shares were repurchased under the previous October 2000 plan.
- 5The repurchase of shares under the new plan will be for general corporate purposes.
- 6The authority to repurchase additional shares under the 2000 plan has been terminated.
- 7As of December 31, 2001, BB&T had consolidated assets of $70.9 billion and operated 1,081 banking offices.