Peoples doesn't have any regulatory issues because they don't do any business. They sit on a 2.5 billion dollar "war chest" that was raised in a public offering before the big meltdown. The money earns virtually nothing. Apparently they are on the prowl for a "strategic aquisition" but so far haven't found one. The banking crisis has left many worthy companies unable to find capital simply because none is available. But Peoples doesn't choose to put the money to work there either. Peoples "conservative" lending policies keeps them from taking any risk at all. Sitting on money and not taking any risk benefits management. They continue to draw hefty salaries...paying themselves and the dividend with shareholder money while doing nothing!!!!! Its great work if you can get it.
Serp- Your analysis is right on. This Board and Management reward themselves like they did something. In fact, they have ingrained a "Reactive" or "Crisis Managment" managmement style that does not bode well for the future.
The lack of proactive management, has resulted in inferior technology and services. For God's sake, they just rolled out Remote Deposit Capture!!! By hiring the CFO when Klein died only reinforced the Board's preference to avoid reality.
I also think the OCC will have a field day with this crew. I wonder how the examiners feel about a dividend payout that exceeds earnings. My experience tells me this practice will soon end.