WINSTON-SALEM, N.C., Jan. 30 /PRNewswire-FirstCall/ -- BB&T Corporation , which earned $1.5 billion in net income in 2008, said today that members of its executive team will not receive annual bonuses under its short-term incentive plan.
"We have traditionally set very difficult goals, and although we are among the top performers in the financial industry in 2008, we did not earn a bonus based on our targets," said Chief Executive Officer Kelly S. King. "This has been an extremely difficult economic environment, even for well-capitalized and profitable financial institutions."
BB&T is one of the strongest capitalized financial institutions in the industry. BB&T's Tier I capital ratio, a measure of financial strength and soundness, is 12.0 percent, significantly higher than the government's safety threshold of 6 percent. BB&T's total capital ratio is 17.1 percent, notably higher than the government's minimum ratio to be well capitalized of 10 percent.
With $152 billion in assets, BB&T Corporation is the nation's 12th largest financial holding company and operates more than 1,500 financial centers in 11 states and Washington, D.C. More information about the company is available at BBT.com.
