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BB&T Corporation Message Board

  • sugarfox98 sugarfox98 Jul 20, 1998 1:20 PM Flag

    Merger Implications

    Has anyone noticed the gap between the Suntrust
    territory and Crestar's territory? I see only 2 choices to
    bridge the gap. Wachovia or BB&T unless they try to fill
    in with a lot of smaller mergers. A merger with
    Wachovia would give significant overlap in Georgia and
    Virginia whereas BB&T would only overlap to a lesser
    extent in Virginia. Any thoughts?

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    • What did the article say?

    • let me start a rumor. A major inter-galactical
      bank from mars is poised to make a run on a mid-cap
      North Carolina Bank. Purchase price will be about 110
      martians. Good Luck!

      (P.S.) The stock is spliting
      two for one monday. Does this give you any
      hint?

      CAFC was added to the S&P Smallcap 600 generating some
      activity.

      Don't pantic!

    • There may be something going on but I also have CAFC and the volume there today was 8 times it's normal and it went down 1/8.

    • Remember, these folks have a stock repurchase
      plan in place and why not buy when it makes sense.
      Also, like most corporations nowadays, they have 401K
      plans and I assume they buy stock for that as well.
      300,000 shares is pretty good volume, but it dosn't sound
      like buyout volume. But what do I
      know??

      Anybody else? P.S. Raleigh newspaper sez they will buy
      FV. Now isn't that news! I'll believe it when I see
      it!

    • Any news out there on a buyout? The stock acted very strong toward the end of day. Ended up 1 5/16 with mkt in toilet!
      What's up?

    • Smith is not an employee...he's on the board.

    • Doc- I, like you, am very uncomfortable with the
      CEOs and their reasoning for selling out. It is most
      certainly greed. However, I think it is only fair to point
      out that there is tremendous pressure on these guys
      to maximize shareholder returns (while enriching
      themselves). When, not if, the speculative bubble burstd,
      share prices will fall to historically normal levels.
      How happy are shareholders going to be with Mr. CEO
      when the opportunity is no longer there to cash out?
      Its a tough job, not that I'd mind doing it for a
      couple of years so I could cash out and get juiced.

    • Not bad for someone who is guilty!
      :-)

      These bank mergers, I believe, are gonna get themselves
      in big trouble shortly.

      In Virginia, we got
      all sorts of small banks starting to pop up all over
      the place. I have stated it before, and got hammered
      by the wachovia lurkers on this thread. But these
      banks have come to virginia and have really PISSED off
      a lot of people, and the customers are just plain
      sick of it.

      I know a lot of people had moved to
      Crestar cause at least it was hometown bank, and they did
      not have a bunch of strange banking rules (even BBT
      does, forbid you use your atm card at another bank -
      SLAP! major transaction charge).

      Crestar sold
      out on their customers and their shareholders. i
      believe their still is a niche for banks like crestar and
      BBT. I believe they can make GREAT money and returns
      while servicing their customers. But instead, the big
      boys get paranoid cause the big guy just moved into
      town. They think they can't compete, and then its time
      to sell the farm. What a crock.

      Mr. Allison.
      Hold firm. Don't be afraid. Keep growing as you have,
      provide high level of service to your customers, and the
      returns will come. One last thing: Your duty goes beyond
      shareholders, don't forget the employees, the community, and
      the customers you serve.

      At my age, its ok to
      editorilize.

      Dr. JunJun

    • You know Doc, I kind of feel the same way. And
      Sun Trust goes ahead and pays 31% premium above
      market place to basically acquire Crestar stocks and not
      control, since Crestar will keep its identity and mgmnt.
      Granted that FU and WB received a lot of criticism in
      their VA, I thought -and the mkt too - that STI showed
      a very weak approach.

      Anyway, the funny
      thing is that the second biggest shareholder at
      STI(after good ol' Jimmy Williams) is now Alfred Smith,
      former CEO of Citizens Bancorp, a small bank acquired by
      Crestar in 1996. If he decides to convert his stock to
      STI he would have 1.15 million shares and probably
      keep his job too. Not bad!

      I know, this is the
      BBK msg. board: I apologize for going on a completely
      different tangent, it's just one of those days ....

    • You know what kills me?

      Crestar telling
      the press yesterday that they had to sell out. They
      could not make loans fast enough, and therefore, there
      ROE was dropping precipitously. Thats
      bull.

      They sold out of greed. Lets be honest.

      I
      still say though, they got a pump up of $10 a share. If
      they had held fast, crestars stock would have gone up
      $10 over the year and continued growing. I don't buy
      this "gotta sell stuff."

      Dr. JunJun

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