BB&T 2011 Annual Report Download - page 122

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The following table is a summary of the significant terms of outstanding junior subordinated debt as originated by BB&T
and its subsidiaries and predecessor companies as of the dates presented:
December 31, Stated Interest Redemption
Issuer Issuance Date 2011 2010 Maturity Final Maturity Rate Period
(Dollars in millions)
BB&T Capital Trust I August 2005 $ 515 $ 514 August 2035 5.85 % Anytime
BB&T Capital Trust II June 2006 599 598 June 2036 6.75 Anytime
BB&T Capital Trust IV (1) June 2007 600 600 June 2057 June 2077 6.82 Anytime
BB&T Capital Trust V (2)(3) September 2008 450 450 September 2063 September 2068 8.95 after 09/15/13
BB&T Capital Trust VI (3) July 2009 575 575 August 2064 August 2069 9.60 after 08/01/14
BB&T Capital Trust VII October 2009 350 350 November 2064 November 2069 8.10 after 11/01/14
Mason-Dixon Capital Trust July 1997 21 21 June 2027 10.07 after 06/15/07
MainStreet Capital Trust I November 1997 48 48 December 2027 8.90 after 12/01/07
Premier Capital Trust I November 1997 30 30 December 2027 9.00 after 12/31/07
Main Street Banks Statutory Trust I November 2002 5 5 November 2032 Variable after 11/15/07
Main Street Banks Statutory Trust II May 2003 46 46 June 2033 Variable after 06/30/08
Coastal Financial Capital Trust I July 2003 15 15 July 2033 Variable after 07/03/08
First Citizens Bancorp Statutory Trust I December 2003 10 10 December 2033 Variable after 12/17/08
First Citizens Bancorp Statutory Trust II June 2005 7 7 June 2035 Variable after 06/15/10
Total $ 3,271 $ 3,269
(1) These securities are fixed rate through June 12, 2037 and then switch to a floating rate based on LIBOR.
(2) $360 million of this issuance was swapped to a floating rate based on LIBOR. At December 31, 2011, the effective rate on the swapped portion was
3.92%
(3) These securities are fixed rate through initial maturity and then switch to a floating rate based on LIBOR if extended.
NOTE 11. Shareholders’ Equity
Common Stock
The authorized common stock of BB&T consists of two billion shares with a $5 par value. There were 697 million and
694 million common shares issued and outstanding at December 31, 2011 and 2010, respectively.
Preferred Stock
The authorized preferred stock of BB&T consists of five million shares. At December 31, 2011 and 2010, there were no
preferred shares outstanding.
Equity-Based Plans
At December 31, 2011, BB&T has options, restricted shares and restricted share units outstanding from the following
equity-based compensation plans: the 2004 Stock Incentive Plan (“2004 Plan”), the 1995 Omnibus Stock Incentive Plan
(“Omnibus Plan”), the Non-Employee Directors’ Stock Option Plan (“Directors’ Plan”), and a plan assumed from an
acquired entity. BB&T’s shareholders have approved all equity-based compensation plans with the exception of the plan
assumed from an acquired entity. As of December 31, 2011, the 2004 Plan is the only plan that has shares available for
future grants. The 2004 Plan allows for accelerated vesting of awards for holders who retire and have met all retirement
eligibility requirements and in connection with certain other events.
BB&T’s 2004 Plan is intended to assist the Corporation in recruiting and retaining employees, directors and independent
contractors and to associate the interests of eligible participants with those of BB&T and its shareholders. At
December 31, 2011, there were 27.3 million non-qualified and qualified stock options at prices ranging from $12.53 to
$44.20 and 13.5 million restricted shares and restricted share units outstanding under the 2004 Plan. Awards outstanding
under the 2004 Plan vest as follows: (1) those granted prior to 2010 generally vest over five years and (2) those granted
after 2009 generally vest over four years. Options outstanding have a ten year term. At December 31, 2011, there were
15.2 million shares available for future grants under the 2004 Plan.
BB&T’s Omnibus Plan was intended to allow BB&T to recruit and retain employees with ability and initiative and to
align the employees’ interests with those of BB&T and its shareholders. At December 31, 2011, 17.8 million
non-qualified and qualified stock options at prices ranging from $24.69 to $43.25 were outstanding. All options under this
plan are fully vested and have a ten year term.
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