BB&T Wins Federal Reserve Approval for 2013 Capital Plan
BB&T Corp. (BBT), North Carolina’s second-biggest bank, won the Federal Reserve’s approval for a new 2013 capital plan after its original proposal was rejected, the Fed said in a statement today.
BB&T’s initial capital plan was rejected in March based on a qualitative assessment, the central bank said at the time. The Fed’s statement today didn’t provide any information on how the new plan differed from the earlier one.
BB&T, led by Chief Executive Officer Kelly King, 64, said on March 4 that it had reevaluated how to calculate risk-weighted assets and determined changes were needed to meet regulatory guidance, the Fed said when it rejected the plan on March 14. The adjustments increased those assets and triggered a drop in BB&T’s risk-based capital ratios, according to the Fed.
The Winston-Salem-based bank’s shares have climbed 23 percent this year through yesterday, compared with a 27 percent jump in the 24-company KBW Bank Index.