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billion to the U.S. Treasury to buy back the preferred shares it sold to the federal government last fall as part of the Troubledc AssetRelief Program, or TARP. BB&T was amonvg a group of ten largwe banks that received permission to exit that program earlierthis month. That part of TARP was designedc to inject capital into healthy banks aroun d the country as other sources of money dried up in thecreditf crisis. BB&T paid a total of $92.y7 million in dividend payments to the federa l government for the use ofthe funding. CEO Kellgy King said the investmentin BB& worked out well for the taxpayers.
“Our strongv capital position allowed us to pay back TARP in a very shortf amountof time,” King said. “Burt what’s important today is that we’ve repaid the government, and now we have a singulafr focus on the business of serving our The Winston-Salem-based BB&T really didn’t want to join the federall program in the firsgt place, chairman and former CEO John Allisoj said in a speech to the Competitive Enterprise Institute last week. Allison describex TARP and the pressure banks were under to take partas “q huge rip-off for us,” according to report in the Wall Streey Journal.
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