BB&T Corp. said recently that its board approved a new plan to repurchase up to five million shares of its common stock.
It is anticipated that share repurchases will be made periodically as needed for issuance in mergers to be accounted for as purchases.
BB&T intends to repurchase up to roughly 4.3 million shares for reissue in connection with its proposed acquisition of Maryland Federal Bancorp, Hyattsville, which would be accounted for as a purchase.
BB&T in January 1997 approved a plan to repurchase up to five million shares of its common stock for issuance in specific business combinations to be accounted for as purchases. At yearend, about 3.4 million shares had been repurchased under the plan.