If and when the consolidations start PBCT and WBS and FNFG will all be acquisition targets for larger Regionals who want a foothold in New England. All the banks are doing this musical chairs thing, nobody wants to merge yet, but sooner or later the music will stop and some bank will find itself without a chair. Could be tomorrow or it could be two years away, but the wave is coming.
They all have the same problem, top line can't grow because of the economy and there's too many banks; expenses are going up thanks to Dodd Franks; capital requirements are going up, which reduces lending, hence even less interest income for the top line. The pressure is building, soon the regionals with high expense ratios will be easy prey, buy the bank, cut the back room and poof! an improved profit picture. Look at FNG acquisition of that New Haven bank last year. Gives the shareholders a quick gain but that's it. It's gonna be like the mid-90's all over again.