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SunTrust Banks, Inc. Message Board

  • CorporateAdvisor CorporateAdvisor Aug 4, 1998 12:26 PM Flag

    Free Fall Greed Bleed In Process

    Sell off due to future cost that was not first anticipated. Management hadn't checked behind all doors. Heads could roll for this one!

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    • Very insightfull comments shotgug12, i have been
      thinking the same thing for a while. Anybody out there
      remember a few years back to a Ga bank (C&S) and Va bank
      (Soveran) merger????? If this deal with CF stumbles post
      conversion, somebody had better be checking those dark
      shadows.

    • WB owns the eyes that "lurk in the dark shadows". Now, whose eyes are they....Betty Davis' eyes?

    • STI targets might include Central Carolina, Centura, Branch (BIG and getting bigger each quarter).

    • To your point, IMAbanker, I expect that this deal
      contains a poison pill that would be too bitter for WB to
      take. The only way that this deal will not go through
      is if STI and CF walk away from the table; however I
      doubt that will occur since CF management has been set
      up to personally benefit from a change of control
      (some to the tune of 8 figures). Should these two
      decide to uncouple, I would expect that a large out of
      market player would swoop in, offer a price less than
      that of STI-CF, and promise to spill a great deal of
      blood in the process. These two are not alone in the
      woods. There are several sets of hungry eyes watching
      ..... and waiting ..... Another scenario to consider is
      for a large financial to grab them both
      simultaneously in this depressed market and to once again
      promise to significantly cut bodies in the home market of
      STI, as well as CF. Have you done your homework? Who
      is sitting on a large pot of capital? Who owns the
      eyes that lurk in the dark shadows?

    • I thinking that WB would not consider an attempt
      to go after CF. Seeing what STI stock has done after
      the announcement, and the fact that CF branches are
      in close proximity to WB's recently acquired Central
      Fidelity, it doesn't seem logical. WB would pay out the
      nose for a bank that would have significant overlap
      leading to divesture of branches/deposits.

      I
      don't expect anything to stand in the way of this deal
      closing short of the two banks changing thier minds, and
      how likely is that?

    • Long term, I think you're right. The market
      perception of STI has changed from a target only to a
      player, therefore the horrible sell off. Compare PE
      ratios of acquirers like Nations Bank and STI still
      looks expensive. I continue to feel STI will be the
      eventual target of acquisition, otherwise we'll have to
      settle for so so earnings growth of 11% - 13%.

    • I could be wrong (I've been wrong before) but I
      don't think one can look at these first few weeks as an
      indication on the long term implication of the deal. As a CF
      stockholder, it makes no difference ( for those of us in this
      for the long haul) what the stock is today - but what
      it is in December when the ".96 switch" occurs.
      Don't forget the Dow took a heck of a hit this week.
      You got to factor that in somewhere. Now if you're in
      CF and/or STI for the short haul - the quick buck -
      Cut your losses and run.

    • this stock is down almost 20 per share in less
      than a month and has continued to slide even with the
      ml recommendation. looks like dead maney for 2 to 3
      years before the come back. the market did not like the
      cf deal and has slod off this stock. perhaps the
      selloff will kill this deal???
      any comments

    • I was with CF for 28 years, we gained the
      experience of Consolations
      and after getting over the
      growing pains, we developed some very
      talented people
      in mergers,etc. Management of both CF and STI

      have had a long on going relationship. I think good
      things will
      come of this merger.
      Both CF and STI
      are strong in Trust Departments, but also
      developed
      a good commercial and comsumer areas, when combined
      made for a good
      working relationship within the
      banks. This good working relation
      ship is necessary
      for success. Both banks have proved that.

      Both
      have "weathered" the competation and stayed strong in
      all
      markets. I think it will be interesting to watch what
      happens.

    • Since Rumors abound on this message board:
      A
      rumor in Eastern VA indicate that STI wants Crestar (at
      least in part) because CF is very good performing
      acquisitions - having bought (and consolidated) several banks
      in the last 5-6 years. STI has been out of the major
      acquisition business for ten years. The theory continues that
      once CF is under the STI umbrella, Mr. Humann will
      utilize this talent from the North to acquire and
      consolidate additional banks in the future.
      Comments?

    • View More Messages
 
STI
38.04+0.23(+0.61%)Apr 15 4:07 PMEDT

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