PBCT just borrowed $400MM for "general corporate purposes"--there is no specific plan for growth. The bonds pay 4%, until recently PBCT had free money in the company treasury. Management couldn't come up with a plan to invest much of the money so they used it to buy back shares and pay the dividend. If they couldn't put free money to work and earn a profit, what will they do with 4% money? This stock is dead money . Management should be fired.