You May Now Return to Responsible Lending Habits

BB&T Corporation, a bank based in Winston-Salem, NC announced yesterday that it has left the Troubled Asset Relief Program (TARP) by paying $3.1 billion to buy back the preferred stock from the Fed, plus a final dividend payment of approximately $13.9 million. The final amount totaled roughly $92.7 million.

CEO Kelly King was quoted in the press release as saying:

This was, in fact, an excellent investment for the American taxpayer. Our strong capital position allowed us to pay back TARP in a very short amount of time. But what's important today is that we've repaid the government, and now we have a singular focus on the business of serving our clients.

Throughout this period, BB&T has experienced very good loan growth. We will continue to actively pursue and make every good loan we can find.

Former BB&T CEO John Allison however, sang a slightly different tune in his speech last week at the Competitive Enterprise Institute's annual dinner, calling TARP  a "huge rip-off" for the bank because "we didn't want it in the first place."

Nonetheless, BB&T has now begun to rid itself of all vestiges of the TARP program and is returning to its responsible lending habits.  

Other banks that followed in BB&T's footsteps by paying back their TARP funds include U.S. Bancorp, JPMorgan Chase, and Morgan Stanley.

Comments

[Tricky Prickears]

But what's important today is that we've repaid the government

But did they learn their lesson?

[Paul]

Former BB&T CEO John Allison however, sang a slightly different tune in his speech last week at the Competitive Enterprise Institute's annual dinner, calling TARP a "huge rip-off" for the bank because "we didn't want it in the first place."

One shouldn't speak ill of the dead.

[Invisible Finger]

It might be a rip off for the bank, but if the ripped off sum went stright to the government, then it probably WAS a (very tiny) net benefit to the taxpayer. So the 2 CEO were singing the exact samr tune, but in different keys.

Anyway, they may now return to lavish executive bonuses.

Other banks that followed in BB&T's footsteps by paying back their TARP funds include U.S. Bancorp, JPMorgan Chase, and Morgan Stanley.

Now if they'd just pay off the TARP funds transferred to them by AIG.

[mccleary]

Better WSJ link:
http://online.wsj.com/article/SB124482152282410185.html

Allison has always been one of the most reliable libertarians in business. I wish he would run for office in NC, but he's much too smart for that.

[Kevin]

I'm glad the government has broken into the loan-sharking business.

Maybe next they'll start coercively forcing us to pay money for "protection".

OH WAIT......

[air jordans]

A man called a lawyer and asked, air jordans"How much would you charge me to answer three questions?"cheap jordan shoes The lawyer said, "$400 dollars!" And the man said, "That's a lot of money, isn't it?" The lawyer said, michael jordan shoes"I guess so. What's your third question?"

[SugarFree]

air jordans?

Is that spam from 1986?

[robc]

I refied my house with BB&T TARP money. At least I figured that is where it came from. 🙂

I wonder if they just left the TARP money sitting in a big pile somewhere until they were allowed to pay it back?

[robc]

Also, they should have paid it back in pennies.

Or, considering the amount, nickels.

[ChrisH]

Amanda Carey... who is this international woman of mystery?

[bailey button uggs]

Pretty interesting advice, I think there are certain times when you can trust someone with everything you know, but you're probably right in that most of the time you should only teach them how to bait and cast and let them figure the rest out on their own.

[air jordan shoes]

Thanks for your useful info, I think it's a good topic. So would you like the info about the air jordan shoes
cheap ugg boots

[air jordan shoes]

Thanks for your useful info, I think it's a good topic. So would you like the info about the air jordan shoes

[air jordan shoes]

Thanks for your useful info, I think it's a good topic.

[air jordan shoes]

Air Jordan Shoes,
Michael Jordan Shoes,

[replica watches]

to complete six goals Paul 8 fight http://www.watchesfan.com/ milestone night He was a great dream http://www.corwatches.com/ Security beast beast as spokesperson .,JJ.04.01

[ghd styler]

ghd styler make ghd outstanding in the competitive market place. The GHD Rare gift sets with stylish box are much loved by people. They are decorated in leopard print to match that of the heat pouch.

[MBT Shoes]

I became interested in MBT Shoes when I was working as a floor nurse, and developed a nasty case of plantar's fascitis. MBT Tunisha Shoes is one of MBT's newest styles.

Having plantar's fascitis, to me, does not mean that shoes have to look like a bland, lifeless, unisex object. The shoe must have personality, and since I'm female, the shoe must not look like a man. It also means that one must spend a bit more on good shoes, and not have dozens of pairs.

[MBT Shoes]

Hi, nice post. I have been wondering about this topic,so thanks for sharing. I will certainly be subscribing to your blog.

[mbt shoes]

Amanda Carey... who is this international woman of mystery?

[lay123]

Do you want to lead a fashionable and happy life? http://www.nike-airjordan-shoes.com
Do you want to have a new apperance that show you life standard? http://www.handbagshunting.com

[mbt shoes]

MBT Shoes, are best used for walking and normal daily activities.Cheap MBT Shoes sale is devoting to offer mbt shoes with reasonable price and high quality service.We hope you can find your favorite cheap mbt shoes on our web.

[airjordan]

hi!

please add http://www.toetoeshoes.com to your directory!

there are a lot of jordan shoes for selections

thanks.

thanks you