They are not going to sit on all that money forever. They are going to use the money to pay executive salaries, and the dividend, until someone throws them out. There is no evidence that Sheringham and Company are capable of running this bank. They surely don't appear capable of a clever aquisition. We see "Green Shoots" in the economy and TARP money is being paid back. Seems like the best time to buy a bank might have already passed. Lets throw these guys out and find someone with the ability and courage to run this bank. These guys just continue to pay themselves with our money and do nothing. Let's be serious, not losing billions of dollars does not mean you are doing a good job. It can mean you are just sitting around the office picking up a check.
Serpentine2 gets it. So far it has been two years since the Chittenden deal and integration efforts continue to falter. No confidence vote here on management. They can't manage what is already on their plate. Look at the historical trends on capital and efficiency ratios, then look at payouts to disappearing executives - that alone would tell the average Joe to run. NH news reported in April that a Chittenden division CEO threw in the towel, yet no SEC filing on predecessor contract - no 8K filing on a change of officers? Does anyone know what is going on with this "bank"?