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BB&T Corporation Message Board

  • normlasky normlasky Apr 29, 2011 8:16 AM Flag

    Annual Shareholder Meeting

    Held this tuesday. I attended. Kelly King gave nice presentation. Lasted about 90 minutes. Said Texas has 26 million people. Florida has 18 people. And North Carolina has 8 million people. Bbt is #51 in Texas. Clear that King is focused on Texas expansion.

    Asked King a couple of questions during q&a - nonaccruals increasing for 2 consecutive qtrs. and the $175 million bomb on loan dispositions in 1st qtr. 2011 above the 50% mark on bad loans. His response was a ditto of his cc remarks.

    Someone asked him about Bove. King in so many words said we're not changing our stds on syndicated loans. Bove obviously does not understand bbt's mission, vision and values.

    King is a nice guy. I think he's sincere. I do have an issue with his compensation but think it is competitive with other banking institutions.

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    • Oh, by the way Jimmy, I am not your "Bro". That is not a term we use in my part of the world.

    • I like to think of myself as a dark olive color but I only see green, what about you?

    • Cause, whether Ty is red or yellow, black or white, he posts like one of the most educated of the posters.

    • Hey Ty. What color you bro?

    • Ya think? I recall Inlet and Stil and the rest of the kool aid crowd with their "this is the best bank in America with moral, conservative. old fashioned leadership, blah blah blah."

      3 Years? Try 12 years. They would have been smarter buying government debt than this stock.

      No matter how hard you wish for it, they cannot turn back the clock 40 years. That ship has sailed.

    • Inlet_boater: Oh, please say it isn't true. I for one will miss your Eastern NC insights. Referring to people as "trolls", tsk, tsk. Doesn't that run afoul of the message board rules. Seems as though it might have racial overtones as well.

    • I did not say it was back to peak levels...but CMBS lending has returned, and with it comes transparent pricing, spreads, and covenants. Any dollars going into CMBS are dollars being taken away from the likes of BB&T. But I forget...they dont make these loans anyway, right? Not enough spread, not enough equity, not enough covenants, not enough guarantees, etc.

      So who and or what do they lend to?

    • "What Norm and Inlet dont seem to recognize is the fact that CMBS securitizatons are already back"

      Market volume ytd is only around $10 billion. Might do $40 billion in 2011, down 80% from 2007. Underwriting is much tighter.

    • Good post Tyrone. I think you said it all. In the end it is all about pricing. And BB&T does not like that universe. For a group of individuals who trumpet the benefits of the free market, Ayn Rand, moral hazard, etc., they sure dont like to compete for the same dollar.

      What Norm and Inlet dont seem to recognize is the fact that CMBS securitizatons are already back and if BB&T is unwilling to make commercial mortgage loans at 5.3% with no guarantee, then well....they will make no loans in this market. Further, the bond and preferred offerign markets are also in full swing. No one, and I mean no one, is going to go back to the 1970s and crawl to regional and national banks and ask for balance sheet lending...especially with BB&T in charge, as such a borrower will get the worst terms.

    • Norm, Can you share more about the shareholder meeting? Specifically,

      - what discussion was held about M&A?
      - was management compensation discussed? If so, what was said?
      - were there any discussions that were not already contained in the cc?

      Thanks.

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