SAN FRANCISCO (MarketWatch) -- BB&T Corp. (BBT) said Wednesday it will pay about $3.1 billion to the Treasury to repurchase its preferred stock, plus a final dividend payment of about $13.9 million, to exit the Troubled Asset Relief Program. BB&T has also notified the Treasury that it will buy back the outstanding warrant associated with TARP, which allows the Treasury to purchase up to 13.9 million shares of the company's common stock. "Any adjustment resulting from the repurchase of the outstanding warrant will be accounted for in the second or third quarter of 2009," said the financial holding company in a statement. BB&T has paid a total of $92.7 million in dividends under TARP.

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