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First, I'm a homer. Now that I have that disclaimer out of the way, I think people need to take a long hard look at this bank stock, one that is getting it right.
Where to start.......CEO retires after grooming his successor for years; Former CEO rips Congress for bailing out the shit banks when some banks did it the right way and are now being penalized with TARP; BB&T did not want government funds OR need them; only took them becuase as the 13th largest bank at the time, all of their competitors did and the bank was virtually forced to politically
Yield is at 10%; dividend is safe unless things get dramtically worse; some ridiculous record of consecutive increases in the dividend and paying the dividend in the first place; bank has been around since 1872.......136 years!
Extremely diversified revenue streams; 7th largest insurance brokerage in the US, 8th in the world; payroll, institutional services, mortage origination/servicing, merchant services, leasing, etc, etc all help to keep the bank from relying on JUST making loans and pricing deposits
Bank MADE money last year, last quarter........Executive team has all bonuses cancelled; Top Performers (Sterling Award) in the bank at many key positions have their annual incentive trip to the Ritz in Amelia cancelled today.....why, because even when outperforming 99% of banks right now, it would not look right
Subrime exposure limited to approximately 1% of entire portfolio; less exposure in the ATL and south Fla areas because the bank's presence in those markets is not as large as some other banks; regional credit has a very proactive finger on the bank's loan portfolio, all the way down to the city level; no layoffs planned as a small level of downsizing will come from retirements and attrition
eating Wachovias lunch in all markets; eating SunTrust's lunch in all markets; 11B market cap; will begin taking over banks through a bid process as the FDIC ramps up the closures
Take a look and compare. This one is on sale and a long term winner.
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