BB&T Financial Corp.

BB&T Financial Corp. issued 2.2 million shares of common stock, raising close to $47 million in equity capital. Merrill Lynch & Co. was lead manager on the offering.

Barnett Banks Inc. issued 4.5 million shares of common stock at $29.75 a share, raising $134 million in new capital. The offering was first planned for May, but the Securities and Exchange Commission undertook a close review of Barnett's registration for the deal. That review ultimately led the bank to twice restate downward its 1990 earnings.

Norwest Financial Inc. issued $100 million in senior notes with a coupon of 8.5%. Merrill Lynch & Co. was lead manager on the deal.

First Chicago Corp. filed a shelf registration to issue up to $1.5 billion in debt securities and warrants.

Moody's Investors Service lowered ratings on subordinated debt of Bank South Corp. to B2 from Ba3.

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