I know the market is terrible but PBCT started dropping before the correction. I think the investing public is concerned that a major bank will move into Connecticut and destroy us. We can not be taken over and probably can't compete with a major
Be aware as you look at people's earnings that they were not as good as they appeared. The earnings included 0.15/shr in trading gains and 0.05/shr on the sale of credit card balances. People's is seeing the interest rate spread shrink and may be hard pressed to keep up the EPS trend, especially if they are unable to increase the trading gains. With the current market situation trading gains may be hard to come by. If the interest rate spread tightens more they may have to increase fees (customer reactions to this may be interesting as they have picked up so may people because of other banks raising fees--Fleet & First Union). Although People's has not raised fees they are putting a lot of pressure on branch managers to collect the fees they currently have in place--have you tried to get a fee waived recently, you better have a very reason or forget it.