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FirstMerit Corporation Message Board

  • ohbankinvestor ohbankinvestor Mar 2, 2011 12:49 PM Flag

    Jim Cramer

    Almost two years ago Jim recommended FMER when the stock price was right at $17/share and said he wished he could buy 9.99% of the company. It's a good thing he didn't. What ever happened to this bank? They were supposed to be the "winner" in this banking crisis but it appears that the winners were the people who avoided this bank in favor of virtually any of their regional competitors. KEY is up fractionally over this period, PNC is up 100%, HBAN is up 250% and FITB is up around 375%. And you guessed it; FMER is down over this same period.

    Lastly what kind of strategy is it to hire what seems to be every displaced executive from a failed bank? Although NCB didn't fail technically, in practicality it did. How much patience is one supposed to have for this kind of horrible performance? If anyone has any insight as to the quality of the executive team please share it as I am trying to figure out whether I should move on with my investments.

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    • Lastly what kind of strategy is it to hire what seems to be every displaced executive from a failed bank? Although NCB didn't fail technically, in practicality it did. How much patience is one supposed to have for this kind of horrible performance? If anyone has any insight as to the quality of the executive team please share it as I am trying to figure out whether I should move on with my investments.

      I completely agree! The executive team and senior management in Chicago are horrible. I have moved my investments to WTFC...they seem to know what they are doing!!! I would move on from this stock especially in light of the recent investigations.

    • I am not a huge fan of Cramer(too much "drama", not enough "substance"!) However, when it comes to FMER, I think to adequately evaluate the Co, one needs to take a look at their long term performance. They are not a "growth stock" per se. But if you are looking to make some $$, and have some patience, they have been a solid performer over the past 15 years. Namely if you buy near their low,(like now for example) you can collect a healthy dividend until the stock climbs to a "high" of around $19.00 or so. Sell near the high, make a nice profit and then look to do it over again!

    • Well said. Ur analysis is close when speaking about displaced executives from failed banks. It would be safe to say that most of this exec. team and its regional leaders are failures, thus displacing the banks they came from. To back this up search the press releases over the years on some of these clowns .B careful with this one. I would MOVE ON with your investments.

    • I am surprised that Cramer would comment on First Merit. I know First Merit well. I banked with them most of my life and it is strong finacially. Unfornuately, the market has changed and in my opinion, Chase and Charter one are more competitive. First Merit does not compete and I will not use them anymore.

    • mikemclaug@sbcglobal.net mikemclaug Mar 7, 2011 12:47 PM Flag

      This is the 1st time I have looked at FMER. The balance sheet/financials/market cap all look decent. I realize the stock price hasn't performed BUT it could eventually??????

      • 1 Reply to mikemclaug
      • FMER has made the right moves out of the crisis and they continue to have a strong balance sheet. If your looking for the high flyer bank then obviously FMER is not for you but if your looking for a strong balance sheet, continued growth then FMER is a decent investment. It went from $16.50 to $24 and as far as I'm concerned it can wash-rinse and repeat that cycle on an annual basis every year. Cramer announced it because they got some play for the Chicago bank acquisition thus Cramer liked what he saw but the company made no promise to continue acquisitions at some obscure pace - they said they will continue to seek acquisition when circumstances are appropriate to them. The Cramer announcement along with the merger and acquisition fever created the hype and now that is over with the stock has settled down some. It will edge up slowly over time as the company continues to grow.

 
FMER
17.55+0.23(+1.33%)Aug 21 4:00 PMEDT

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