Your sentiments are correct, but your facts are a little off. Contrary to all its glossy advertising and strategic mission statements, BB&T is just another bank looking to make a spread. And not a very well run bank at that. They want your business up until the moment they dont want it...then it is lights out. Part of the problem here is their Credit Dept has a choke hold on the entire organization...and their credit culture is weak. For years they have trumpeted their great ability to underwrite credit and then we all found out they did not know anything about credit (unlike the rest of the banking univese, they refused to mark their NPAs correctly and take the pain at the outset, because they could not POSSIBLY admit they dont know how to lend money, and now, even years later, shareholders have to deal with death by a thousand cuts). This has ceased to be a bank built on client relationships the way it was 15+ years ago. Now you are no longer a customer of the bank and are no longer treated as such, you are just a borrower. Therre is a big difference.
Sounds like you follow the Obama strategy: If you criticize Obama you must have a secret motivation for doing so, because of course, Obama is superb and there is nothing to criticize, ergo your motivation must stem from some other issue, ergo you must be a racist, because that is the only thing that can explain criticizing the President.
Maybe you should worry less about posters' motivations and more about the lack of performance of this company.
That's because good bankers cost money and BB&T has never recognized that you have to pay for talent. On the one hand you have perpetually underwhelming "yes men" who stay for 3 or 4 decades at BB&T, where they are good boys and girls, drink the kool aid and cow tow to credit, but are mediocre in all other apsects of revenue generation. The orginators go someplace else. Most of the real talent right now is migrating to smaller community banks. The larger banks have jettisoned their older, more experienced bankers (who they say cost too much) and replaced them with younger, less experienced bankers who are just thankful to have a job. And as a result, you have the case where BB&T is entering completely news lines of lending for which they have no experience and their loan officers are not savy about the businesses they are lending against (and how could they be, they are just mouth pieces for the credit dept). If they would stick to lending agaisnt real estate they could make a killing, but they first need to wipe the slate clean on their 40 year old credit model and grow some stones.
Flat? Flat? How can that be? Norm says differently. I mean really, you only worked there for 16 years, how could you possibly know anything about the bank's market share, or about anything at all? Norm knows more than you do. He scours the internet day and night for goofy factoids.
Fact is, you are 100% correct. The REAL community banks continue to grab share. BB&T is worried about the cost of the peanut brittle they give away to clients at year end.
What recession? According to Norm the temperature in Winston Salem during the vernal equinox multiplied by the inverse of Venezuela's per Capita GDP plus the pressure in kilopascals when Killy King farts, plus the square root of the dividend plus the de-orbit burn cycle of the space shuttle all means that BB&T is great, all the stock analysts are stupid, and the price is perpetually undervalued. Regardless of what is happening in the real world.
I trust the great Norm, his stats give me comfort. That is why I bought at this price 15 years ago and haven't made a nickel. Smart Smart Smart. Anyway, it is all in the 10K and 10Qs...I believe all that too.
More nonsense from the BB&T kool aid crowd. Loan growth is weak. 2009-2011 their loan portfolio increased from 96.1B to 98.1B, and all the net increase came from renewed residential mortgage lending (and there is not much more of that to be had), which saw yields drop from 5.7% to 4.8%. So they are NOT making new loans and the small net increase they are showing has lower yields. On top of that, they are still sitting on 30B in cash after 3 years...instead of lending it out and building a new loan portfolio they are just churning securities. So if you want to know why this is not at $45 read the K. The small community banks are making all the loans now, why? Because banks like BB&T don't have to, because they have all the cash from Uncle Ben. You are really buying an insurance agency (amongst other fee sourcing entities) when you buy this company
Putting faith in Company sponsored investor presentations is like listening to the fox say how nice the hen-house is. A healthy lack of trust is essential to good investing.
Norm is like my grumpy elderly Uncle who for my entire life said the Red Sox were the best team in baseball and then after not winning a Championship for nearly a friggin hundred years they won in '04 and he told me "see, I was right".