BB&T has increased its dividend by 15 percent after approval from the Federal Reserve to do so, the Winston-Salem bank announced Tuesday.

The bank's board declared a 23-cents-per-share dividend payable March 1, up from the 20 cents it had been for the past year.

The country's largest banks were required to submit capital plans to the Federal Reserve for approval by Jan. 7. BB&T said Tuesday the Fed didn't have any objections to its plan.