Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
January 27, 1999
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's Board of Directors has approved a new plan to repurchase up to 1.6
million shares of its common stock in connection with the proposed acquisition
of MainStreet Financial Corporation of Martinsville, Virginia.
EXHIBIT INDEX
Exhibit 99.1 Announcement that the BB&T Corporation Board of
Directors has approved a new plan to repurchase
up to 1.6 million shares of its common stock.
January 27, 1999
BB&T Corporation (NYSE:BBK), acting under authority granted by the Board of
Directors, announced a new plan to repurchase shares of its common stock in
connection with the proposed acquisition of MainStreet Financial Corporation of
Martinsville, Virginia. A maximum of approximately 1.6 million shares may be
repurchased before the merger date. However, the actual number repurchased
cannot exceed the limit allowable under pooling-of-interests accounting
criteria. The authority to repurchase these shares will lapse at the effective
date of the merger, which is expected to be in early March.
In February 1998, BB&T announced a plan to repurchase up to 10 million
shares of its common stock periodically as needed for issuance in specific
business combinations to be accounted for as purchases. Through December 31,
1998, approximately 6.9 million shares had been repurchased pursuant to this
authority.
SIGNATURES
Pursuant to the requirements of thee Securities Exchange Act of 1934, the
registrant has dully 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
Senior Executive Vice President and Controller
(Principal Accounting Officer)
Date: January 27, 1999
