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BB&T Increases Dividend Following Federal Reserve Stress Tests

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March 18 (Bloomberg) -- BB&T Corp., the ninth-largest U.S. bank by deposits, said it will increase its dividend to 16 cents a share from 15 cents after the Federal Reserve released results of its stress tests on the industry.

BB&T, based in Winston-Salem, North Carolina, also will pay a 1-cent special dividend per common share in the second quarter, the lender said in a statement today.

The Fed today said some of the 19 largest U.S. banks will be able to restart dividend payments, buy back shares or repay government capital after “significant improvement” in their capital positions and the economy.

“We continue to be one of the strongest capitalized institutions in the industry, and we believe this action confirms that strength,” BB&T Chief Executive Officer Kelly King said in the statement.

To contact the reporter on this story: Laura Marcinek in New York at lmarcinek3@bloomberg.net.

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net.