BB&T Tumbles After Fed Rejects Plan

Shares of BB&T BBT dropped almost 3% in after-hours trading on Thursday after the bank's capital plan was rejected by the Federal Reserve. Of the 18 banks the Fed evaluated, only two banks had their plans explicitly rejected -- BB&T and Ally. Two banks were given a “conditional” approval -- JPMorgan JPM and Goldman Sachs GS. Shares of both were also lower in the after-hours session, but BB&T suffered the most notable drop. In contrast, shares of Bank of America BAC rallied after the Fed approved the bank's plan to purchase back $5 billion of common stock. Shares of BB&T closed at $31.73 on Thursday, and traded near $30.80 in the after-hours session.