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Posted May 9, 2009 | Copyright © The Northern Virginia Daily
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BB& passes its federal stress test
BB&T announced Thursday that its capital levels are more than sufficient and exceed the government's minimum stress-test requirements, according to a report issued by federal regulatory agencies following a rigorous examination of the nation's 19 largest financial institutions.
The findings confirm that BB&T would survive a prolonged and deepening recession scenario, and the bank will not be required to raise additional capital, it said.
"Our capital levels have remained strong throughout this economic downturn, and we continue to lend to creditworthy borrowers in our markets, with loan originations exceeding $6 billion per month," CEO Kelly King said in a statement.
King added that BB&T wants to repay the federal government's $3.1 billion investment under the Capital Purchase Program as soon as possible.
-- Daily Staff Report
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