Shares of BB&T Corporation (NYSE:BBT) ended Thursday session in green amid volatile trading. The shares closed up +0.68 points or 1.82% at $38.11 with 5.09 million shares getting traded. Post opening the session at $37.27, the shares hit an intraday low of $37.15 and an intraday high of $38.18 and the price vacillated in this range throughout the day. The company has a market cap of $30.29 billion and the numbers of outstanding shares have been calculated to be 814.50 million shares.
BB&T Corporation (BBT) on Sept. 15, 2016 announced that its subsidiary, Branch Banking and Trust Company (Branch Bank) has entered into an agreement with the Federal Deposit Insurance Corporation (FDIC) that terminates the loss share agreements between Branch Bank and the FDIC. The loss share agreements were entered into during 2009 in connection with the acquisition of selected assets and liabilities of Colonial Bank in an FDIC-assisted transaction.
BB&T’s Chairman and Chief Executive Officer Kelly S. King said, “We’ve enjoyed a successful partnership with the FDIC. The transaction significantly strengthened BB&T’s franchise in important markets and benefitted the communities, clients and associates of Colonial Bank, as well as BB&T’s shareholders.” Under the terms of the agreement, Branch Bank will make a cash payment of $230 million and the FDIC will no longer share in future benefits related to these assets.
“The acquisition of Colonial was a tremendously successful transaction and has far outperformed our initial expectations,” said BB&T’s Chief Financial Officer Daryl N. Bible. “The early termination of these agreements is beneficial for both BB&T and the FDIC, including the reduction of costs and accounting, reporting complexity and increased future earnings.”
Shares of Synchrony Financial (NYSE:SYF) ended Thursday session in green amid volatile trading. The shares closed up +0.22 points or 0.82% at $27.05 with 5.08 million shares getting traded. Post opening the session at $26.76, the shares hit an intraday low of $26.62 and an intraday high of $27.17 and the price vacillated in this range throughout the day. The company has a market cap of $21.99 billion and the numbers of outstanding shares have been calculated to be 833.93 million shares.
On September 14, 2016 Competitor Group, Inc. (CGI), the organizer of the Rock ‘n’ Roll Marathon Series, and Synchrony Financial (NYSE:SYF), a premier consumer financial services company, announced a multi-year partnership. The pioneering consumer financial services company is now a national sponsor of the Rock ‘n’ Roll Marathon Series, the title sponsor of the Synchrony Financial Rock ‘n’ Roll Brooklyn Half Marathon and the presenting sponsor of Runner Tracking.
As part of Synchrony Financial’s efforts to help participants realize their unique ambitions, the multi-year agreement integrates the company throughout the Rock ‘n’ Roll Marathon Series. In addition to the title sponsorship of the Synchrony Financial Rock ‘n’ Roll Brooklyn Half Marathon, it will have dedicated marketing and hospitality opportunities at Rock ‘n’ Roll events nationwide. Synchrony Financial also becomes the Presenting Sponsor of Runner Tracking, providing live mobile updates for family and friends to track runners at every Rock ‘n’ Roll event.
“As a leading consumer financial institution looking to empower others, we are delighted to provide Synchrony Financial a fully integrated sports marketing platform to engage with runners and spectators across the United States,” said Josh Furlow, president of CGI. “We look forward to collaborating on new and innovative event experiences as they activate broadly across the Rock ‘n’ Roll Marathon Series and showcase their commitment to improving the success and wellness of every life they touch.”
“Our company recognizes that each individual has unique ambitions, whether working forward to finishing their first race or setting a new personal best, and our Rock ‘n’ Roll Marathon Series sponsorship enables us to engage our employees and race participants with events in 2016 and beyond,” said Bart Schaller, chief marketing officer of Synchrony Financial. “Integrating our ‘Synchrony Rocks’ programs with the Series builds on our Health 360 initiative, which encourages healthy choices and physical activity to support the health and wellness of our employees.”