BB&T really wants some of its lead executives to hang around for a bit longer as it prepares to combine with SunTrust Banks.
The $228 billion-asset BB&T will pay bonuses to four top executives provided certain conditions are met, according to a filing with the Securities and Exchange Commission this week. The all-cash “synergy incentive awards” are “designed to promote retention and to incentivize efforts to consummate and achieve the anticipated benefits of the proposed Merger,” BB&T said in the filing.
Daryl Bible, the chief financial officer, will receive a $3.1 million bonus, according to the plan. BB&T will pay $2.6 million to Donna Goodrich, its treasurer. Christopher Henson, chief operating officer, is slated to receive $4.2 million. And the company will pay $3.1 million to Chief Risk Officer Clarke Starnes.
The bonuses,
SunTrust disclosed a bonus plan for executives in an April securities filing. SunTrust agreed to pay cash-and-stock bonuses totaling $4.8 million to Hugh Cummins, co-chief operating officer, and $2.9 million to Scott Case, chief information officer.
Both BB&T and SunTrust previously
Separately, on Wednesday, BB&T, based in Winston-Salem, N.C., and SunTrust, based in Atlatna, promised to invest more in their current hometowns as they plan to move their new headquarters to Charlotte, N.C. Each bank will