CNB is to BBT what Countrywide is to BAC. Both banks have good leadership etc. but both companies exercised poor judgement with these acquisitions. BBT toed the line on all of its loans for the most part, and was solid. I was astonished they took CNB,especially with the banking environment at that time. Wachovia was the alarm bell for me, they bought a bank in California and when Wachovia collapsed, sold to Wells Fargo one of the Wachovia board members stated, I could not believe that people who could afford there mortgage payment would mail in their keys and walk away. He stated that is what sank Wachovia. Will BBT sink, I don't think it will, but it has a lot of downside going forward.
I thought this was an FDIC assisted acquisition with the FDIC taking the majority of any loan losses. How can BB&T be 'over-exposed' on CNB's loan portfolio? That transaction looks like all upside to me.