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BB&T Corporation Message Board

  • PLanigan PLanigan Aug 10, 1998 5:36 PM Flag

    Calling all locals...

    What's the word on Scott & Stringfellow? I'm a
    little out of the region...had never heard of them (nor
    Craigie before their acquisition). Will this be
    significant to the bottom line or little more than an
    originator of local municipal bonds for some fee


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    • I am not a shareholder of STI, but do hold BBT, WB, NB,FTU.

      I dont think BBT wants CF because of market reaction.

      (PS I'm tickled to see STI crash and burn)

    • I had always held out hope for BBK and CF to do a
      deal. Sources close to both banks say the political
      (ego) issues could never be worked out as they did with
      SNB when Orr decided to step down with a cool 1
      million a year for life. It would make some sense
      economically as you point out the consolidation would result
      in some actual savings. With dual data centers one
      could provide disaster recovery for the other thus
      significant savings in disaster recovery costs as well as the
      branch overlap savings. Name and headquarters Richmond
      vs. Winston Salem could be another potential
      obstacle, however with the recent acqisiotion of Richmond
      based Scott&Stringfellow and Craige Richmond makes some
      sense. Not to mention its a fed city. Any thoughts Dr.
      Jun Jun?????

    • It seems to me that the Crestar-STI shareholders
      could not be happy with the way this deal unfolded. I
      don't check out their stockboards, but with such a huge
      drop in stock price, I gotta think the management at
      STI-Crestar are starting to feel the heat.

      I did check
      out the chart for STI-YUK!!!!!!!!!

      could have continued to own virginia by going with BBT.
      Oh well, there loss.

      Dr. JunJun

    • Tax-free stock swap bank acquisition deals are
      always reliant on a "trading collar." In other words,
      there are ouside price ranges at which a deal will
      unwind. I do not know the downside collar price for STI,
      but it's got to be close. Could the deal fold from
      further downward price movement of STI? Absolutely. It's
      the markets way of over-ruling bank management and
      investment advisors.

      We'll see.

    • I have not seen the actual deal, so I too would
      asume that their is a "poison pill" of some sort. I
      have not seen a collar around this transaction
      mentioned anywhere either, so I assume that it would go
      down in flames only if the shareholders vote it down.
      The case for CF to vote it down is pretty clear. It
      was selling for $3-4 below that the last week (I
      didn't check on the price today). While I'm sure that
      the market drop is partly responsible, this stock
      sold off within two days of the announcement as STI
      sold off big time. So what is the incentive for CF to
      sell now? Other than the personal deals their Mgt.
      cut, of course! But what about the poor STI investor.
      Their stock was off over $20 at one point (don't know
      about today) I think the real question is why would
      either set of shareholders want the deal now? If it
      breaks up, both stocks will soar (relative to the
      overall mkt. of course). Does anybody out there know more
      about the above and whether or not this is a possible

      I'd love to see BBK wind up with CF in the end,
      perhaps at a better price with realistic consolidation
      savings in place. Any other thoughts out there along
      those line? Should we but STI and CF hoping the deal
      will fall apart? Inquiring minds want to


    • these deals always carry "poison pills" which
      would give suntrust the option to buy 19.5 or 20.5% of
      the crestar stock if crestar tried to back out or if
      another bidder came along.

      so 1) crestar will not
      back out
      2) exchange ratio .92 ? Shares of stock
      was set at deal date
      3) i dont think you would
      want part of crestar or bbt stock may suffer the same
      adverse reaction.

      just my thoughts

    • Just an old man ramblings, but...

      SunTrust Bank stock has dropped so much so quickly, is it
      possible that Crestar could still back out of the deal, as
      it may not be as lucrative to shareholders as once
      thought? I can't remember how these things work, but I
      think they get suntrust stock as of some specific date.
      Since the stock has dropped like a sack of wet cement,
      crestar shareholders are not getting the deal they once

      I wonder if Crestar can back out.

      And then
      merge with BBT. Which is what they should have done in
      the first place.

      Dr. JunJun

    • Ha, good one! At my age, I take the garden
      fountain analogy as a major complimement!


      PS I am not, and have NEVER worked for SNB, BBT,
      UCB.... I am just a rose colored glasses investor who has
      these years.

    • Boy, I didn't think FVB had that many, well, everything! A BBK aquisition could shut down, consolidate (4 data centers? WoW!) and make a buck. Go for it BBK!!

    • FVB may be a big bite for BBT. Perhaps they will take a look at Mainstreet and/or F&M National

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