Summary
This 8-K filing from BB&T Corporation (now Truist Financial Corp) on October 19, 2009, primarily serves to furnish their third-quarter 2009 earnings release. A significant event detailed within is the acquisition by BB&T's subsidiary, Branch Banking and Trust Company, of certain assets, deposits, and liabilities from Colonial Bank. This acquisition was conducted under an agreement with the Federal Deposit Insurance Corporation (FDIC) as receiver for Colonial Bank. The earnings release itself contains forward-looking statements about BB&T's future performance and includes a cautionary note on factors that could influence actual results. Investors should note that the specifics of the Colonial Bank acquisition are subject to finalization and potential revision by the FDIC and Branch Bank, with an effective date of August 14, 2009, upon finalization.
Key Highlights
- 1BB&T Corporation filed an 8-K on October 19, 2009, to release its third-quarter 2009 earnings.
- 2The filing includes information regarding the acquisition of assets, deposits, and liabilities of Colonial Bank by BB&T's subsidiary, Branch Banking and Trust Company.
- 3The acquisition was made pursuant to an agreement with the FDIC, acting as receiver for Colonial Bank.
- 4The agreement with the FDIC includes the assumption of substantially all deposits and certain liabilities of Colonial Bank.
- 5The terms of the Colonial Bank acquisition are subject to finalization and potential revision by the FDIC and Branch Bank.
- 6The acquisition is intended to be effective as of August 14, 2009, upon its finalization.
- 7The earnings release contains forward-looking statements and important cautionary factors that could affect future results.