Culture clashes hold back potential for any homerun plays
One could get a lot more value if HBKS merged with another small local bank ... e.g., one that's under-managed like OPOF and then put HBKS management in charge for a couple of years ... then do the big sellout. E.g.,something like a CENIT and Princess Anne combo.
But the CEO's letter seems to eliminate any small deals now ... local banks just don't have the right culture for any local mergers.