BB&T Corp.'s common stock offering is on pace to raise $1 billion.

The $175 billion-asset company has already raised $870 million by selling 33.45 million shares at $26 each, according to sources familiar with the offering who asked not to be named. BB&T is likely to exercise an option to sell additional shares to reach $1 billion.

The sources said that many existing institutional investors, along with "a new list" of mutual funds and pension funds, participated in this week's offering.

BB&T, of Winston-Salem, N.C., said Monday that it planned to raise $750 million, but it opted to sell more stock because of additional demand. Last week the company agreed to buy the deposits and most of the assets of Colonial BancGroup Inc. after it was seized by regulators. The deal included a loss-sharing agreement between BB&T and the Federal Deposit Insurance Corp.

The offering follows a $1.5 billion issue in May.

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