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BB&T Corporation Message Board

normlasky 3 posts  |  Last Activity: May 11, 2013 7:36 AM Member since: Oct 26, 2000
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  • Reply to

    BB&T Changing Things Up

    by bbt_up_and_down May 9, 2013 9:27 PM
    normlasky normlasky May 11, 2013 7:36 AM Flag

    Implementing a cost competitive Wells Fargo branch strategy as discussed in recent wsj article is much more important than reducing regional structure. Also, I think they have ignored the importance of discount brokerage. There are plenty of folks who trade daily at discount brokers. Many carry big balances in cash even though current rates are 1 bsp per year. Many folks are not going to flock into bbt wealth management and pay a large fee relative to their return to have their money "managed". Also, I have found their insurance services to be non-competitive. I use Liberty Mutual Insurance through Prudential and was able to reduce my house, auto and umbrella policies by 50%. I'm hooked into their online bill payment - otherwise I would consider switching my direct deposits and visa to another bank who provides services I want.

  • I've noticed some of the replies on selected posts have been deleted by Yahoo. The posts are still there by author but they are no longer listed as replies on the message board. Censorship? Why?

  • Reply to

    Is it time for a merger?

    by justgabekotter Apr 20, 2013 8:41 PM
    normlasky normlasky Apr 21, 2013 10:56 AM Flag

    USB is raising their dividend to $.28 qtr yielding about 3.5%. They sell about 10/11 times earnings. They don't have qualitative issues with the Fed. The same is also true about WFC. Yes, BBT may end up getting Fed approval in late 3rd qtr. to increase the dividend to perhaps a 4% yield vs. current price which I think makes it a good buy but I have serious reservations about current management credibility and trust. No better example than the $2 billion of charges for additional mark taken on bad loans via noninterest expenese. No other bank in America reported relative charges approaching anywhere close to this magnitude via noninterest expense. Plus the lack of transparency into the detail of these charges is a further insult to shareholder intelligence. Shameful.

    Kelly King needs to consider retirement. He's expanding the board from 12 to 19 directors. Probably loading board with more of his cronies. His plan, I think, is to stay on for another 5 years. That's unacceptable. He paid himself a $10 million bonus in 2012 - which should be clawed back given that he flunked the Federal Reserve capital plan. Plus, King sits on the Richmond Federal Reserve Board so it shows how badly he miscalculated the Fed's response to his proposed capital plan.

    I'm also concerned about bbt branch consolidation. Recent Wall Street Journal article discusses wfc branches of the future - 50% reduction in operating costs. I don't see this on King's list of things to do. I like banks that are anticipatory, not reactionary. On a personal note, I'm a personal investor and bbt does not offer competitively priced products and services. I do most of my business with Schwab.

    I'm putting my money of wfc and usb on a market pullback. Might trade bbt some but until they make management changes and talk about the importance of reducing branch costs, I won't add to my position which I've decided to maintain because of tax

    Sentiment: Hold

BBT
37.93-1.41(-3.58%)Apr 17 4:03 PMEDT

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