Well I am still here and watching. I know I have lots of fan on the Tone site (lol)
I don't know what to tell you at this point. I am suprised that Tone did not go under because they like most banks made lots of stupid moves. I always felt that they were in a worse postion than a lot of other banks.It didn't take a rocket scientist to see this coming. I don't hate Tone I just think that they are poorly managed and totally inept and I have been proven right. I know all the financials went through a crisis but most banks in Nebraska and the Midwest missed the storm because they stuck to business fundamentals. Look at Pinnacle bank and First National of Omaha and Conerstone and other Nebraska banks. They have thrived in this enviroment.Tone would have never grown the way it did if it had to maintained it trade territory and grew organically. Consequently it would not have been as big and probably not as exposed.They went out and wanted to big players and they got their ass handed to them.
Having said that I have a few observations and predictions. Tone placed Baird on their BOD and he has lots of contacts in the business and he has lots of influence with regulators. Check out his resume.I think he was a positive for Tone because I think he has the clout to keep the regulators at bay until they can fiquire out a new stategy. Gill is almost 70 and his stock holdings went from over 10,000,000 in value to 900,000. I don't think he wants to stay but he wants his money. In the midst of this Tone has yet to make any changes in staff and management. What that tells me is they are either stupid or they are going to let someone else make those decisions. Tone sells for 5-7 in 09.