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  • oneyoungdoctor oneyoungdoctor Jun 30, 2004 3:42 PM Flag

    JA's speech

    Well, I don't know where to begin except to say that if FVB did misrepresent some vital facts, why were they not caught when BBT did their due diligence? Yes, Fitzpatrick was not completly forthright with employees or the press but at least he did not outright lie. Allison is a smooth speaker but has you chasing your tail by the end of his presentation.
    As far as your defination of politics goes, you may want to change the word to BS. Why do I say that you ask? Any organization that buys another and then has to lay off some of their own longtime employees to make up for the poor planning is pretty damn bad. I can not speak for MISSFVB but I have been through a bank merger in the past and it was certainly handled a lot better than bbt handled this one. The aquiring bank told us what they were going to do, how they were going to do it and then did it. Their estimate of severed employees was on the mark and, to the best of my knowledge, there were no major operational problems. One thing that you said is certainly correct. Many of the FVB employees were not as well trained on technology related issues, but they certainly knew their jobs and I believe that the profits that were shared with the stockholders were on about the same percentage leval as those at BB&T. In addition, the stock grew. In fact, based on today's banking industry growth stats, FVB stock would have been worth more than BB&T's today had they not sold.
    I would be very interested to know how many BB&T stockholders would sell their stock today and reinvest the proceeds elsewhere if they did not have to pay capital gains or if they were not holding just in case of a merger.

    MISSFVB keep em coming
    RM

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    • Doc you apparently haven't seen many due dilgence reports since you've been on one merger. I've seen over 15. You apparently had a good one. I've seen a few that were good. You do not know nor can you say as a fact he didn't lie. Yes politics under another name is BS, but it's still politics. No M and A has ever resulted in no employee layoffs, rifs or attrition. Thats called business and a fact of life. Its called the bottom line and profitability. Thats why FVB sold, they were losing the game. FVB woulda coulda shoulda but they didnt. FVB is now BBandT. Its over. MissFVB would do well to get out of the past and into the future, not encouraged to whine more by others.

      • 1 Reply to stillginyit
      • You are correct, it is over and we should all get on with our lives. The problem I have is that when someone looses their job and security through no fault of their own, they are told something like:
        "that's business"
        "that's life"
        "it happens to everybody"
        We that point this out from our past experience are not "whiners" but we are simply speaking with social consciousness. I'll bet that if banks were unionized that they would find some way to pull of these mergers without firing (I slipped--"severing") so damn many people. Brother, if it hasen't happened to you, then you haven't a clue.
        RM

 
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