The word up here is that the two top men in the Tidewater area left. And yes, it was because their contracts were not renegotiated! This is normal - but BBK will probably see more of this in the future. With the exception of Glenn Orr, they have left too many S&L kings in place. These folks are good people, but for another time. Fast Eddie dosn't do it that way - here today, big payoff, and gone tommorow. This allows FU to get their folks in quick, cuts dead weight and start paying for the merger.
Re: Glenn -- He always does what is best for Glenn.
He's been gone for a while. Word is he asked off the Board. Why? Maybe he didn't want the same criticism he received when on the NC Banking Commision before he quit, i.e., the Chairman of the Commision accused him of using his position on the commision to pressure folks to sell and/or used his position to gain insider information. So, Glenn either dosn't want to mess up brokering a sale to BBK of one of his clients or he dosn't want to mess up his sale of BBK to someone else. Don't think he'd try to sell BBK? He sold Forsythe and SNB with a smile on his face and a payoff in his pocket. At $1.6MM for life, he'd do it again!!
Admire Glenn if you chose - but the NC Banking Commision choses not too. Maybe we can still make some $ on BBK, but only if they sell out - at least for the near future. Keeping results up this year will be very, very hard. $64 dosn't sound so bad now and forget $70! We all missed it!
I disagree on one front, and thats BBK is definately a growth bank. There saying is "if we ain't growing, we ain't surviving." They got a whole group that does nothing but acquisitions. I still hold hope that they move bigger into Virginia and Maryland over the next few months.
I still say they offer the public a great product with superior service (BBT has a very loyal following). I also don't see 70 by the split date in July, but mark my word, after the split, this one continues major growth!
Its sad, but I'll bet the big boys have been salivating over this bank. How long can Allison hold out?
I've heard from three sources that BBT, ASO are both bidding for FATN. Who, by the way, just sucked up 5 small banks in TN in just 2 months. Their ripe for the picking. I think the stretch toward MD may not be the case. Go west young man.