Such harsh words. I guess that's up to you if you want to short this into the ground, but IMO there could be a hostile takeover coming with this CapGen business. You do realize these guys are paying a significant premium on the share price just so they can get shares right? Something about that doesn't register right with me, that is just screaming they think it's undervalued, either the business itself or its portfolio. All it will take is a rumor of it going private or something like Gander Mountain did and you may get owned.
Guess that's up to you though, I'd rather sit on the sidelines than employ a long term short on these regional banks. You just keep believing in your inner bear, I bet you missed the entire rally from March out of your ignorance. When you turn bull I'm going short and selling everything I own, so be sure to let us know!
Seacoast National Bank, which has the largest market share in the Port St. Lucie MSA at 14.5 percent, was rated one star.
Dennis Hudson III, Seacoast’s chairman and chief executive officer, said the bank has raised $89 million in fresh capital this year, but Bauer “doesn’t give you enough credit for a capital raise.”(Because there isn't enough money in the state to cover all their leverage and crappy loans)
Hudson said Seacoast operates in markets that have been severely hit with a decline in value. “While our earnings continue to be affected by credit losses, we were fortunate to be able to supersize (fool a bunch of morons into wasting more of their money) our capital strength and that is what continues to guide us through.”(Our underwriting really sucks, but as long as there are enough fools around with money who are willing to give it to us to lose, then we can keep paying ourselves big salaries and bonuses)