"Are you fairly sure of the $17 figure as Forbes only shows a $13.81 tangible value as of 6/2011? Hope your figure is accurate."
Reference page 18 of bbt 2nd qtr. 2011 financial tables found on their website. Shows tangible book value at $15.95 at 6/30/11. Bbt earnings in the 2nd half 2011 will substantially exceed their dividend which should increase tangible book value to about $17/ share at 12/31/11. Also, it is worth noting that the $15.95 includes a reduction of $.82 (per share) for temporary losses on investment securities. With treasury yields nose diving since 2nd qtr. 2011 this temporary loss should swing to a gain or even better bbt will sell their $22.5 billion of investment securities yielding 1.69% at 6/30/11 at a huge gain and reinvest the proceeds into fnm/fre mtg backed securities/municipals/AAA rated corporate paper.
You can also go to their 10q statement and calculate their tangible book value. I did and got about the same number.