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!
(SNV is a good alternate target for BBT, but a deal at $5 to $7 a share is ridiculous) Just because BB&T bids for SNV does not mean they will get them cheap. SNV has about 5 billion in clear assets out of its 28 billion in assets. I would ask you go to the Bank reg data web site and look at NPA`s,OREO`s , Deposit data. Just put in SNV or BBT to see what they look like to peers.