KAKE - Money - Headlines

3 Banks Plan Stock Offerings To Repay Government Funds

By: Associated Press Email
By: Associated Press Email

Stay up-to-date with KAKE News:

Monday, May 11, 2009

Three banks that have received a clean bill of health from the government are announcing plans to raise capital to repay government funds received last fall.

Minneapolis-based U.S. Bancorp is offering $2.5 billion of its common stock, and McLean, Va.-based Capital One Financial is planning to sell 56 million new common shares — worth about $1.76 billion at Friday's close.

Winston-Salem, N.C.-based BB&T says it will sell $1.5 billion in common stock, and will also cut its dividend by 68 percent to 15 cents to save $725 million annually.

On Thursday, the government announced the results of its stress tests of the 19 largest U.S. banks. US Bancorp, Capital One and BB&T are among the 9 banks deemed to have enough capital to withstand a deeper recession.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
KAKE TV 1500 N. West Street Wichita, KS 67203-1323 (316) 943-4221
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 44709947 - kake.com/a?a=44709947