They sold something like $250 million of common to the pension fund around June and did a preferred offering of over $700 million in August...
So it is $4b or more they have for ammo. Considering what Chase paid for WaMu and WFC paid for Wachovia they could do a big deal if they desire.
I believe they will do 4-6 smaller deals over the next two years and avoid any secondary offerings (dilution) that may be required to do a larger deal. No real hurry as it will take time for current problems to be resolved for many banks, and the longer they wait the surwr they can be of the asset quality of any purchase IMO.
Remember, they also did that 400 million deal some months ago, and in the last 2 conf calls, both said they knew there were several clean instittutions that would be interested in joining the BBandT philosophy