Exactly! I believe many BBT folks went to UNC and Duke and Wake Forest-since BBT and Mr. Allison have made numerous donations to those schools...PLUS-even if they are "country folk"-theres many sayings about how country folk out smart their wall street city slickers!-and the results speak for themselves! as "marifry" mentioned, only bank to post profit all through the financial crisis and has handled things quite well...they are conservatively run, thats why they have been in business so long...they do not make SUBPRIME risky loans...plus the dividend is much higher than all those "slick" NY banks and heck of a lot better than their N.C. counterparts (BofA and Wachovia, ah I mean Wells Fargo)
Sorry to have offended your southern sensibilities and no doubt eastern nc roots. The fact is that "stupid is as stupid does" and these guys know little about what it takes to run an efficient operation. They believe in doing things the old fashion way....which means closer to the client. That's well and good but......it increases cost, results in redundancies, and in the long run will sink your ship. Bbt may pride itself on having paid a dividend since it's inception but that doesn't mean that mgt is equipped to run an ever growing and expanding operation which will eventually collapse under the weight and expense of a regionalized structure. Plus nearly 70 percent of their grow comes from acquisitions. I hate to see the day when they require their hayseed bankers to grow organically. It will never happen. Case in point....the bulk of their clients, revenue, and earnings come from their commercial side of the bank. Nearly 80 of those are single service relationships....meaning a loan. So......all those branches throughout th southeast which are powered by outdated technology are a drag and drain on rev. And their talent mgt, training, and recruiting are deplorable. Mark my words......you won't see them around in 5 yes.