for all the "personal vendettas" against PBCT that Ebonnie speaks of.
A good company doesn't generate mass discontent. If this one has screwed as many people as this message board would suggest, then there is something fundamentally wrong with the way it is operating.
Maybe Bonnie's 20 years experience inside PBCT has blinded her to reality.... or maybe she's just learned to rationalize well.
Congratulations then tiero, by my calculations you are a millionaire. What the hell would a millionaire be doing waiting in line to deposit a crummy $300 check in a bank branch for? I'd just drop it in the ATM, then hop back in my Mercedes on the way to the summer cottage. Or at least have the idiot who gave you the check wire it into your account (you could pick up up the $25 fee since you're a millionare).
no, I invested in Taser 2 years ago when it was under $3 a share and bought 10,000 shares of it and then it had 3 splits, now I have 120,000 shares. It was good to me.
but the point is that I was just depositing the check. They hold the check, and it's mainly because of the possibility that it would come back. It was a check drawn on New Haven Savings Bank so there was no reason for concern.
I have to agree with this posting
that is if you can say that they actually "run" it
I was there in the branches the other day and I wanted to deposit a check, straight deposit, no cash back, for $300, and the teller kept me there for 15 minutes while she verified the funds
believe me, it was definitely a different experience than I was used to
tiero, my post wasn't directed at you. Are you brain dead????? Hit with the taser one too many times I suppose. Oh, and thanks for the insightful commentary on why banks are struggling across the country. Are you an analyst for Friedman Billings (or is it Friedmen??? My spelling is so bad!)
First of all, it's Gordon Gecko, not Gordo Gecko.
secondly, I have made a lot of money in the last 3 years on Taser, more money than probably YOU even made, but that's not what is important
banking in general is not a good investment right now. It's not just Peoples Bank, it's banks all across the country that are struggling because of the economy and the current government we have.
OK there Gordo Gecko, I'm sure you made boatloads of money. But don't assume you made more than me or anyone else on this board. Looks like we made and continue to make money on this capable little thrift headquartered in Bridgeport, Ct and if they want to sell some underperforming branches at a gain, I applaud them. Management is controlling expenses well, the efficiency ratio is improving, NIM is increasing, NPA's are down. I'll stick with PBCT for a little longer and continue to collect the dividend.
Never-the-less for such an experienced investor seems you missed the boat on cashing in on PBCT. I know the gains last year is well under your requirements - but the longs on this board are happy. Thanks for the advice.
China / Tiero:
I do the RIGHT kind of investing. I've been at it since 1968, and I've made more money than you can dream of having over the years.
I manage a large,highly diversified long-term investment portfolio, and for my personal "fun", I play the short-term speculative trading game (I developed an algorithm that "picks" the best bets to trade).
I have no use for piss-ant companies that treat employees, shareholders, and/or customers poorly.... that exist solely to enrich a select few. PBCT proved itself to be one of those companies a while back.... a shame, because for years it had been a decent, small bank company.
Then a few folks got greedy, and let the "banking mafia" crew take over. Yes, the value of the stock, and the dividend has increased, but at what long-term cost... ?
Think about it - the day of reckoning may be coming.
This issue is grossly inflated in price right now. It has a crazy structure that eliminates any reasonable merger options. The competition for both the small locals, and the large nationals, is starting to chip away at market share..... but the folks in charge keep with the same tired model, which will only lose them more customers.
I'm down on everything ?? Hardly ! I gave you boys some free tips on stocks that could make you a bunch of money over the next 6 - 24 months. Stocks I like longer term ? How about IRIS, and for banking, a little Florida bank that has been growing like an Everglades wildfire, BFCF.
If PBCT had taken the ethical high road.... if the mutual holdings folks weren't milking it for personal enrichment... if the company had a business model that could keep up with the competition.... I'd be a cheerleader. But, in its current state, it has nowhere to go but DOWN, hard (imo).