UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuent to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
February 27, 1998
BB&T Corporation
(Exact name of registrant as specified on its charter)
Commission file number: 1-10853
North Carolina 56-0939887
(State of Incorporation) (I.R.S. Employer Identification No.)
200 West Second Street
Winston-Salem, North Carolina 27101
(Address of principal executive offices) (Zip Code)
(336) 733-2000
(Registrant's telephone number, including area code)
This Form 8-K has 3 pages. The sequential numbering of the pages is
indicated in the lower right hand corner.
ITEM 5. OTHER EVENTS
The purpose of this Current Report on Form 8-K is to announce
that BB&T Corporation Board of Directors has approved a new plan to
repurchase up to 5 million shares of its common stock.
EXHIBIT INDEX
Exhibit 99.1 Announcement that the BB&T Corporation Board of
Directors has approved a new plan to repurchase
up to 5 million shares of its common stock.
BB&T Corporation Board of Directors has approved a new plan to
repurchase up to 5 million shares of its common stock.
Acting under authority granted by the Board of Directors, BB&T
Corporation (NYSE:BBK) today announced the approval of a new plan to
repurchase up to 5 million shares of its common stock. It is anticipated
that share repurchases will be made periodically as needed for issuance
in specific business combinations to be accounted for as purchases.
BB&T intends to repurchase up to approximately 4.3 million shares
for reissue in connection with the proposed acquisition of Maryland Federal
Bancorp, Inc. of Hyattsville, Md., which will be accounted for as a purchase.
BB&T currently has a plan, approved in January 1997, to repurchase
up to 5 million shares of its common stock for issuance in specific business
combinations to be accounted for as purchases. At year-end 1997, approximately
3.4 million shares had been repurchased pursuant to this plan. The 1.6 million
shares remaining under this plan combined with the 5 million newly authorized
shares provide BB&T with the potential of repurchasing up to approximately
6.6 million shares for issuance in specific business combinations to be
accounted for as purchases.
At December 31, 1997, BB&T had consolidated assets of $29.2 billion.
Through its subsidiaries in North Carolina, South Carolina and Virginia,
BB&T currently operates 506 banking offices.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
BB&T CORPORATION
(Registrant)
By: /S/ SHERRY A. KELLETT
Sherry A. Kellett
Executive Vice President and Controller
(Principal Accounting Officer)
Date: February 27, 1998
