February 24, 2010 (FinancialWire) — BB&T Corp. (NYSE: BBT) said it has awarded an exclusive, five-year managed print services contract to Lexmark International, Inc. (NYSE: LXK).

As part of the agreement, Lexmark will standardize and optimize the number and type of output devices throughout BB&T’s more than 1,800 retail branches and at its headquarters in Winston-Salem, North Carolina.

Lexmark said it expects to reduce the total number of devices at BB&T from 30,000 competitive devices to around 10,000 new Lexmark laser printers and multifunction products in support of the company’s cost savings and business initiatives.

Under the deal, Lexmark will monitor, manage and maintain BB&T’s output devices and provide services to ensure toner and other supplies are replenished when needed, eliminating the need to store inventory of these items.

In addition, Lexmark will provide ongoing value by automating and streamlining paper-based processes to help BB&T further reduce costs.

Lexmark will also install its Print Release solution, which will enable BB&T employees to authenticate before documents can be printed, faxed, scanned or copied. This approach is meant to improve document security and reduce the number of pages printed annually, thereby further reducing BB&T’s costs.

North Carolina-based BB&T operated more than 1,800 financial centers in 12 states and Washington, D.C. as of December 31, 2009.

Kentucky-based Lexmark International provides businesses a range of printing and imaging products, solutions and services. In 2009, Lexmark sold products in more than 150 countries and reported $3.9 billion in revenue.

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