BB&T Tumbles After Fed Rejects Plan
Shares of BB&T (NYSE: 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 (NYSE: JPM) and Goldman Sachs (NYSE: 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 (NYSE: 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.
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