North Carolina | 56-0939887 |
(State or other jurisdiction of incorporation) | (I.R.S. Employer Identification No.) |
200 West Second Street | |
Winston-Salem, North Carolina | 27101 |
(Address of principal executive offices) | (Zip Code) |
ITEM 1.02 | Termination of a Material Definitive Agreement |
On September 15, 2016, BB&T Corporation issued a press release announcing that its subsidiary, Branch Banking and Trust Company ("Branch Bank”), entered into an early termination agreement with the Federal Deposit Insurance Corporation (“the FDIC”) that terminates Branch Bank’s loss share agreements with the FDIC. Branch Bank will make a payment of approximately $230 million to the FDIC as consideration for the early termination of the loss share agreements. These loss share agreements were entered into by Branch Bank with the FDIC in 2009 in connection with Branch Bank’s acquisition of certain assets and liabilities of Colonial Bank from the FDIC. All rights and obligations of Branch Bank and the FDIC under the loss share agreements have been eliminated under the termination agreement. The press release is filed as Exhibit 99.1 to this report and is incorporated herein by reference. The foregoing description of the termination agreement does not purport to be complete and is qualified in its entirety by reference to the termination agreement, which is filed as Exhibit 10.1 hereto and is incorporated herein by reference. | |
ITEM 9.01 | Financial Statements and Exhibits |
Exhibit No. | Description of Exhibit |
10.1 | Termination agreement among Federal Deposit Insurance Corporation, receiver of Colonial Bank, Federal Deposit Insurance Corporation and Branch Banking & Trust Company dated as of September 14, 2016. |
99.1 | Press release dated September 15, 2016. |
BB&T CORPORATION | |
(Registrant) | |
By: /s/ Cynthia B. Powell | |
Cynthia B. Powell | |
Executive Vice President and Corporate Controller | |
(Principal Accounting Officer) |