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First Virginia Banks Inc. (FVB) Message Board

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  • ni4h ni4h Aug 5, 1998 9:57 PM Flag

    Here we go again!

    I don,t know about the info I am getting.
    person says nothing in the works and the other says they
    are talking with Wachovia (WB). Who knows?
    people work for the same bank. The one that is a
    supervisor says nothing in the works but she may have been
    told to keep it quiet.Ha.
    Do you know anything
    about WB? I thought that was was a small group.

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    • my feeling is that Wachovia is probably not the
      suitor. It's hardly been a year since W bought Central
      Fidelity Bank and Jefferson National. Jefferson had a good
      market in the central Va. market around Charlottesville,
      but CFB was statewide, and many considered it a good
      franchise. The word I heard however was that W had trouble
      integrating CFB because of technology lags, and also paid
      some quite generous severance and early retirement
      incentives. First Va. makes CFB look like an innovative
      technological leader, and I'm not sure W wants to take that
      tumble again, especially this soon. The rumors I hear
      say the suitor is BB&T who would be covetous of FVB's
      northern VA market.

    • No one, I repeat, no one, will know about FVB
      getting bought out except the board. I know the FVB board
      and they are extremely good at keeping things hush,
      hush. I know a lot of people, from the top to the
      bottom, that work at FVB. As for WB being a small outfit,
      sorry, it's one of the largest in the Nation. As for WB
      buying FVB, not a chance, way too much overlap. Too many
      branches would have to be shut down and thousands of
      employees would lose their jobs. WB wouldn't like that bad
      publicity. BB&T is my guess as an aquirer or a merger of
      equals may be in the works with a Tennessee bank. FVB
      has branches in TN but not a strong presence. A TN
      bank would be a strong suiter. It would also help with
      ego's. FVB wouldn't be selling out if they merged with
      another institution of equal size. Falls Church, it's all
      about ego's.

      • 2 Replies to novabanker
      • I agree with you assesment of BB&T as the most
        likely buyer. They really want to get into the VA
        market, and there is only one game in town (flawed though
        it is). My model is saying they could pay $70 - $72
        for FVB. The model said $80 -$85 about three months
        ago (when both stock prices and FVBs forecast future
        earnings were higher). As much as I dislike the mgt., I am
        playing the 'only bank of size left in VA to buy' game,
        and would gladly take the $70. Will the board swallow
        and take an offer like this? I understand the CEO's
        comp package was changed recently to make a change of
        control more lucrutive to the big guy. I have also heard,
        though can not confirm yet, that a mutual fund that is
        known to strong-arm banks into "doing the right thing
        for shareholder value" has taken a large position in
        FVB. All this is good, but I fear we may have another
        TRMK on our hands, where mgt. likes being king and
        won't sell (and stays in power by taking care of their
        "friends" on the board...) Is this the case? I don't want
        to "go to the low 50s and stay there for 2 years!!"

      • First Tennessee Bank or First American or
        Natioanl Bank of about SunTrust.....anyone
        know if there is much overlap of branches between FVB
        and CF?? FVB SW Virginia would help to plug the gap
        from Tennessee to middle Virginia that there market
        will have after the CF acquisition.