FOR IMMEDIATE RELEASE

Exhibit 99.1

BB&T reports 2nd quarter 2009 net income of $208 million; EPS totals $.20 including regulatory costs

BB&T announces agreement to repurchase TARP warrant

     WINSTON-SALEM, N.C. -- BB&T Corporation (NYSE: BBT) reported today net income for the second quarter of 2009 totaling $208 million and net income available to common shareholders totaling $121 million, or $.20 per diluted common share, compared with $428 million, or $.78 per diluted common share, earned during the second quarter of 2008. Results for the second quarter of 2009 produced annualized returns on average assets and average common shareholders’ equity of .56% and 3.43%, respectively.

     Results for the quarter were reduced by a special assessment from the FDIC totaling $.07 per diluted share and accelerated amortization on the preferred stock repaid to the United States Department of the Treasury (the “Treasury”) in connection with the Troubled Asset Relief Program (TARP) totaling $.08 per diluted share. These costs were partially offset by gains on sales of securities and extinguishment of debt, which increased earnings per diluted share by $.06.

     BB&T also recorded a $701 million provision for credit losses in the second quarter. The provision for credit losses exceeded net charge-offs by $250 million and resulted in an increase in the allowance for loan and lease losses as a percentage of loans and leases held for investment to 2.19% at June 30, compared to 1.94% at March 31 and 1.62% at Dec. 31, 2008.

     “I am pleased with our overall second quarter results considering the difficult economic conditions and the aggressive measures we have taken relating to the challenging credit environment,” said President and Chief Executive Officer Kelly S. King. “We absorbed a $701 million loan loss provision during the quarter and a number of special items that negatively affected earnings. However, our underlying revenue growth was strong at 13% for the quarter compared to the second quarter last year. Also, we enjoyed another outstanding quarter in mortgage banking production, with a record $8.5 billion in originations, and a record quarter from our insurance revenues, up 19%. Average client deposits have continued an impressive growth trend, up 12% this quarter.”

     Cash basis performance measures exclude the unamortized balances of intangibles from assets and shareholders’ equity, and exclude the amortization of intangibles and the net amortization of purchase accounting mark-to-market adjustments from earnings. Cash basis diluted earnings per common share were $.21 for the second quarter compared to $.81 earned in the second quarter last year. Cash basis results for the second quarter of 2009 produced annualized returns on average tangible assets and average tangible common shareholders’ equity of .61% and 6.41%, respectively.

BB&T Exceeds Stress Test Capital Levels; Exits TARP

     BB&T was one of nine large financial institutions sufficiently capitalized under a “more adverse” macroeconomic scenario, as determined by banking regulators. The government’s “stress test” projected a prolonged and deepening recession using assumptions that were more severe than BB&T’s internal estimates with respect to earnings and expected loan losses. The stress test results determined that BB&T had more than enough capital even in a more adverse downturn in the economy. BB&T was one of two super-regional commercial banks in the country and the only large commercial bank in the mid-Atlantic and Southeast to achieve a favorable outcome from the stress test.

     On June 17, BB&T exited TARP by repurchasing the preferred stock sold to the Treasury under the Capital Purchase Program. BB&T paid approximately $3.134 billion to the Treasury to repurchase the preferred stock plus $14 million for the final dividend payment. In connection with the repurchase of the preferred stock, BB&T recognized $47 million in the second quarter of 2009 to account for the difference between the amortized cost of the preferred stock and the repurchase price.

     BB&T also today announced an agreement with the Treasury for the repurchase of the warrant issued in connection with the government’s TARP investment. The warrant will be repurchased for $67 million in cash. The exchange price for the warrant will be recorded as a charge to shareholders’ equity in the third quarter.

     “Our capital levels have remained strong throughout this economic downturn, allowing us to pay back TARP in a very short amount of time,” said King. “Our successful results in the government’s stress test and our ability to repay the government’s TARP investment are significant achievements for BB&T. Removing this distraction frees our company to focus on serving our clients and strengthening our franchise for the opportunities that will be available as the economy improves. We are also very pleased to have reached a settlement with the Treasury on the warrant. BB&T was an excellent investment for the American taxpayer, as their annualized return on the preferred stock and warrant was 8.4% after-tax.”

BB&T Completes $1.7 Billion Common Stock Offering; Improves Common Capital Levels

     On May 13, BB&T successfully issued 86.25 million shares of common stock at $20 per share for net proceeds of $1.7 billion. The offering strengthened BB&T’s already healthy regulatory and tangible common equity ratios. The tangible common equity ratio improved to 6.5% at June 30, compared to 5.6% at March 31. The Tier 1 common ratio improved to 8.4% at June 30 compared to 7.0% at March 31. In addition, the Tier 1 risk-based capital and total risk-based capital ratios were 10.6% and 15.2%, respectively, compared to 12.1% and 17.1%, respectively, at March 31. The decline in the regulato