NEW YORK—In a March 12 story about BB&T Corp.'s compensation for its chief executive, The Associated Press reported erroneously the amount of his compensation in 2007. The bank paid CEO John A. Allison $5.9 million, not $5.6 million.
The story also misstated the value of stocks and options Allison received in 2007. He received $2.1 million, not $1.8 million.
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A corrected version of the story appears below:
NEW YORK (AP) -- BB&T Corp. paid Chief Executive John A. Allison $5.9 million in 2007 after a year in which the bank's stock lost almost a third of its value.
Allison received a salary of $965,250 and a bonus totaling $2.6 million in 2007. He also received $2.1 million in stocks and options.
His $242,000 in "other compensation" included home security and contributions to a retirement fund.
BB&T, which runs 1,500 branches in the mid-Atlantic and Midwest, earned $1.73 billion in 2007 compared with profit of $1.53 billion in 2006.
The Winston-Salem, N.C.-based bank's stock fell more than 30 percent last year as BB&T was forced to squirrel away $448 million to prepare for unpaid loans.
The Associated Press calculations of total pay include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission.
