You must be in mgmt @CRBC. I worked for them, left early in 07 when the stock was $26. Citizens bought out our good bank and we lost most of our clients. Very poor mgmt. here is the key. Don't give them points for giving up their salary increases, etc. when they continue to hire outsiders at millions of dollars day in and day out. Too may chiefs here!
You think management is good? Look at their history before Citizens - they have never worked at a bank that didn't end up getting sold to a well-run bank and most of senior management didn't come from a home office - they almost all came from a region of a bank. Bottom line - they don't know how to run a bank successfully!
I have been posting on this matter for the last two years. Bill and FOB have done nothing but destroy shareholder value since he came on board in 2002. Look at the history of all of his decisions. The last one being to raise capital at $4 per share and the one a year ago to purchase republic bank for $1.0 billion looking to stroke his ego of managing a company over $10 billion. Horrific loan due diligence let alone for over paying. At some point shareholders need to get together for action against the board and this management team. Dont blame the economy and the Michigan market. Sure its under duress but the old Citizens without the Coml RE problems of Republic may have weather this better. Id hate to be an employee that didnt change my 401K mix before all of this. These people bought into his leadership and now are paying the price