not to jump on this"I told you so " I said this stock was going down to 10.Smith and his crony BOD kept buying up all the garbage banks that no one wanted,This is the result.The investor relations will not answer any calls or e-mail.Contact the SEC and complain.A class action will do no good.the dividend is gone.
The banks that were acquired is not the reason for the current decline of Webster Bank.
The action of opening mortgage production branches in other markets is the down fall of this previouly respected bank. Also the change in underwiting policy changed by current management because of thier greed to follow the pack caused this mess. They have to go. Mr. Smith inclued.
How much will be written off, time will only tell.However, the damage has already been done and its time for a change in management and a change in directors over time. We have a long way to go before this is resolved. What value the stock has will be determinded over time as this all plays out. However, management has to go for the misdeeds of what has happened.
This is not over yet.Al these PHDs DDs phfs DRs, ect got us in this mess, and now want what they probably call dumbies to bail them out. Who in their right mind would take that kind of risk ?? I know a buddy of theirs, now they have non performing loans, worth millions, and us dumbies are taking the hits--again. MO GL all