WINSTON-SALEM, N.C., Feb. 22, 2018 /PRNewswire/ -- BB&T Corporation (NYSE: BBT) today announced the company will be sharing its tax reform benefits with shareholders by increasing its regular quarterly common stock dividend by $0.045 to $0.375 per common share, an increase of 13.6 percent. This announcement follows an approval by the Federal Reserve of the company's amended capital plan to provide for this increase.
BB&T will pay the additional one-time dividend of $0.045 per common share, payable March 20, 2018, to shareholders of record at the close of business on March 6, 2018. This is in addition to the previously announced common dividend of $0.33 per common share, which is payable March 1 to shareholders of record on Feb. 9, 2018. BB&T also anticipates the dividend payment of $0.375 per common share to continue in the second quarter of 2018.
"In addition to our associates and the communities we serve, our shareholders deserve to share in the tax reform benefits we've received," said BB&T Chairman and CEO Kelly S. King. "They are fundamental to BB&T's success, and we greatly value the long-term trust and commitment our shareholders have given to BB&T through the years."
In addition to this action, the board of directors plans to request additional capital actions, including an increase in the dividend, in connection with the 2018 Comprehensive Capital Analysis and Review filing. These actions are expected to be filed with the Federal Reserve in the second quarter of 2018.
In December, BB&T announced additional investments in its associates and communities made possible through the tax reform. The $152 million total investment included raising BB&T's minimum hourly pay rate from $12 to $15 per hour; a special, one-time $1,200 bonus for almost three-fourths of its associates; and a $100 million donation to BB&T's philanthropic fund to support charitable organizations in our communities. The pay increases and bonuses did not apply to senior leaders or the Executive Management team.
BB&T has paid a cash dividend to shareholders of its common stock every year since 1903.
BB&T is one of the largest financial services holding companies in the U.S. with $221.6 billion in assets and market capitalization of approximately $38.9 billion, as of Dec. 31, 2017. Building on a long tradition of excellence in community banking, BB&T offers a wide range of financial services including retail and commercial banking, investments, insurance, wealth management, asset management, mortgage, corporate banking, capital markets and specialized lending. Based in Winston-Salem, N.C., the company operates more than 2,000 financial centers in 15 states and Washington, D.C. A Fortune 500 company, BB&T is recognized consistently for outstanding client service by Greenwich Associates for small business and middle market banking. More information about BB&T and its full line of products and services is available at BBT.com.
SOURCE BB&T Corporation