Sad words but very true. My local branch has green stickers and MTB stuff already posted inside and out, so hopefully the deal will still go through . I believe the thinking of upper management has been, lets line our pockets and to hell with the long term share holder. Have you seen the salaries and bonus money these guys get ? And for what? How much are they really doing these days?
The merger price is set at one share of HCBK will be 0.08403 shares of MTB. So right not MTB is trading at $116.85, puts HCBK at $9.81. But HCBk is only trading at $9.37, over 4% below the $9.81 price. If the deal doesn't happen, I would only guess the price of HCBK would most likely fall. The problem with HCBK is the board of directors, and #$%$ hermace, haven't done a damn thing in years to build shareholder value. Look at the 5yr chart of HCBK, and compare to MTB, or the DOW, we have not done a damn think in FIVE YEARS! Since January 2009, the DOW is up 40%, yet in the same time HCBK is down 50%. They have done nothing but continue to slash our dividends, and lose shareholder value. Without the buyout were lost, we need either the buyout or Hermace gone! Without one of those two things, were dead!
The man has not done a thing for the bank in the last 4 years, yet he gets raises. As a former employee and I left on my own, he is a loser. There is no forward thinking in the bank and that's why they r in the position they r in now. In the short period of time I was there, they thought they can do business as usual while the whole world is changing. There is no new products, they do not use the systems they have to the full potential in other words cheap! Every department looks out for themselves and is afraid to say anything about the other. . Too much micro managing. I spent 3 yrs there and i'm glad I got out.I was not going to asked to stay when M&T took over. Paramus is like children gossiping. If the merger falls through HCSB is in bad shape. Yet Hermance gets more money. The bank was lucky someone bought them or maybe not. HSCB is not built to survive on their own anymore.
Sentiment: Strong Sell
how do you calculate the take out price? thanks in advance.
what's the odds of closing? is it 90%?
i don't even know if this trades down if a deal doesn't happen. someone else will come in and buy them. thoughts?
Still trading around 4% below where it should be based on MTB price. Things are looking up, hope we see $9.60 soon, I am getting tired of waiting. GLA
The value of HCBK depends on the value of MTB stock since they will be taking over HCBK. MTB is doing well
And may easily make a new high before year end which will benefit HCBK holders. DD.
With the market rising on hopes of a debt limit agreement. It seems obvious that the govt. will raise the limit vs. defaulting, so why sell. Is it possible the govt. defaults and the market drops 1,000+ pts. yes, but be realistic. With the substantial current discount (approx $0.25) on HCBK as compared to MTB share price, why sell. Unless the whole market tanks on the debt limit issue, there is nowhere else better to be than HCBK. I am referring to short term only, meaning the next few days- weeks. IMHO, they get a debt limit agreement, market goes up 200 pts, HCBK approaches $9.60, then i will probably sell, bought at $9.32 about two months ago, been waiting watching this go up and down. Finally, appears to be in an upswing. GLA