Ken Thompson of Wachovia said recently that banks that positioned themselves to offer their customers extended banking hours and new services will be survivors and banks that have not will have no choice but to sell out.
BBT still does not offer extended hours to its customers like Bank of America, Wachovia, and SunTrust do. I am not referring to Saturday hours. I mean branches that open early and remain open until 7 on weekdays and 6 on Sat.
BBT is still operating in the 1960s when it was a one horse bank in Wilson, NC.
Wake up Allison and sell this "Titanic." Stop being so arrogant.
Those were two very astute and accurate post on the merger dynamics of WB and FU. What many do not want to recognize is that after the credit failures at Wachovia (to wit a very good man lost his job as credit administrator) Bud had two choices, make the best deal he could while retaining the name or let the market find him and have a fire sale. That almost happened with the folks from Georgia. Losing Wachovia as it was, did not help the industry or this state. It was a sad thing to watch happen but it did. Today, there is no question that Wachovia is run by what they call green people. Very few at the executive level are from the "old" Wachovia.
Vast Right Wing,
If Wachovia had the better and stronger bank then why did the management of First Union survive while Bud Baker is doing charity work in Winston-Salem?
Wachovia had balance sheet problems they couldn't solve quickly and that made them vulnerable to a takeover. You are right they had a strong banking network and that fact plus the fact they had some balance sheet problems made them attractive and afforable to potential suitors. Bud didn't want to see the bank leave NC and he wanted to try and have the Wachovia name survive somehow. Selling out to First Union allowed him to accomplish both goals.
BB&T could be bought tomorrow or they could be around for another 100 years you don't know what will happen and neither do I. I can tell you that BB&T is a strong bank with solid financials and a history of being well run. Yes we hit a rough patch for a few years but that seems to be behind us now. The yeild curve is hurting us just like it is hurting all banks right now. Once the yeild curve gets back to approaching something normal you will see an increase in earnings of all banks. Until then youu will just have to sit back and collect the nice 3% dividend or invest your money some other place.
A couple points on interest. Let me remind you that not all that long ago, a couple banks called Wachovia and First Union did a merger. Both were in deep trouble. Wachovia was retained as name, but the First Union boys retained power. Wachovia was sort of the lesser of evils at the time. They have done an admirable job since then. BBandT has retained the same leadership for over 35 years, and is in no way in any trouble. All industry experiences ups and downs. Each acquisition goes through a sorting out period and eventually comes around. Go back to 1997 and read forward all the expert recommendations of doom and gloom like yours. All of them have faded into oblivion just as you will.