Kevin Fitzsimmons of Sandler O'Neill & Partners has upgraded the status of BB&T from "sell" to "hold" as a result of the stock having fallen more than 30% in the past three weeks. BB&T can also be seen to benefit from the recent interest rate cut.
BB&T CEO John Allison slammed the proposed $700 billion federal bailout saying that it will only hurt taxpayers and financial institutions more. Instead, he proposed immediate tax credits for financial institutions to purchase homes. Allison also stated that the major benefitors of the federal bailout are Goldman Sachs Group and Morgan Stanley, the two companies who control the Federal Treasury.
BB&T announced that it has a new service that can process and accept large cash and check deposits from commercial clients anywhere in the nation.