Well they purchased CNB which had an Alabama Florida Ga Mississipi base. Now they r buried with foreclosures and flooded out homes. I don't know if it will sink them but there is no foreseeable profits for at least 3 years. Currently they only rank behind the 5 big banks for foreclosures and flooding issues. The stock will hit the teens and perhaps even single digits once the severity of their losses are made public.
That has to be one of the most uninformed and/or uneducated posts I have read on this board. First, The FDIC has backstopped close to 97% of CNB's acquired loan portfolio. If the $22 billion in acquired assets fails, BB&T is out $500 million. This isn't going to happen. Second, don't you think BB&T required all borrowers to purchase flood insurance on any property sitting in a defined flood zone? Do you even know the potential loan value of what you speak? It may be BB&T has very little exposure to flooded property. Come on, you gotta give better than that!
Talk less say more. Try this Yell YES WE CAN 25x. Think about this, you gonna lose a little skin in the BBT game. Listen to Obama speeches, he is very reassuring and don't pay any attention to what is going on. Always remember, ride with the brand, never think for yourself.JMHO glta
The walkaways are huge. Further the foreclosures are high. Before u walk away, you take your money out of the bank. CNB despositers at time of closure and moved to BBT was 20 billion.Overall due to economy, CNB will drag BBT down substanially and BBT has its own foreclosure problems and walkaways as well. What is most alarming is unlike many other banks BBT has not put a number on foreclosures. While BBT is run well it does not change what is still ongoing in the housing sector. Further, BBT is not alone on this issue, it just has a lot more mortgages in a bad area of the country than most other banks.