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BB&T Corporation Message Board

  • Do_The_Tush_Push Do_The_Tush_Push Mar 2, 1999 1:11 PM Flag

    BBT acquisition of MATE....#1

    Now, let's review the bidding here. How did all
    this board activity begin?

    [1] My initial post,
    #855, says "Perhaps you can tell us why BBT is
    acquiring a modest-sized bank on the WV-KY border; the
    MARKET that Matewan is in is "a deep mining, relatively
    isolated, labor union oriented, transfer-payment-dependent
    MARKET. Definitely a no-growth MARKET". No one has yet
    disputed that statement with facts. Really, it can't be
    disputed intelligently because the information is in the
    public files of the U.S. Government [SEC, census data,
    etc.]. I will take the liberty of paraphrasing that
    great philosopher, James Carville, by saying "It's the
    MARKET, stupid". The query is about the MARKET. The only
    credible response thus far is from the person who
    speculates that the acquisition was "cheap" for
    BBT.

    [2] The first response back, #856 from
    "netinvestor99", accused me of doubting "the genius of John
    Allison". Well, we didn't learn much about the MARKET from
    him, did we ?

    [3] The second response back,
    #857 from "midniterambler007", then attacked me for
    "stereotyping the market", that I "should do a little research
    on it", and inquiring if I "have any idea what sort
    of performer the acquired company has been in the
    last five years in these markets"....saying further
    that "neither answer would be consistent with the
    image your comments would imply". Well, we didn't learn
    much about the MARKET from him either, did we ? My
    view was that government statistics, as well as
    information provided by Matewan itself, tell us about the
    MARKET ,and that is not normally called
    "stereotyping".

    [4] In my post, # 860, I responded by presenting some
    facts on Matewan's market and Matewan's historical
    performance for the readers so that they would not be mislead
    by "midniterambler007's" misinformation. Boom. Then,
    it was sparks flying all the
    way.

    ..........Let the readers note that the first use of the word
    "hippy" was in post #869 from "PLanigan", followed on by
    posts from "AndyNuminous".

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • Some of you boys -- in your comments about what
      kind of market southwestern VW is -- remind me of
      people who are always chasing after hot stocks, always
      jumping on a horse already running fast and due for a
      cooling off and rest, if not a fall. Why not sometimes a
      horse that's been cooped up for too long and is
      chomping at the bit, kicking the gate, ready to trot, and
      maybe run with the wind, in its own way? So
      southwestern VW isn't Silicon Valley, isn't even Atlanta or
      Virginia Beach, but then Silicon Valley wasn't Silicon
      Valley thirty years ago, and Atlanta wasn't busting out
      either. Southwestern West Virginia may have a long ways
      to go, and may not go as fast or as far as some
      others, but being there early and along for the ride just
      might not be such a disaster.

    • If the great BBT makes a mistake, it does
      matter!!!!!! Picking a loser matters!!!! Picking a winner
      matters even more!!! I didn't invest in this company to
      pick losers and no growth markets. BBT wants to be
      ahead of the market instead of "ahard of the market" as
      you posted earlier

    • But I kanda wish you were a shill!

      Regards.

      Stock

    • with your last paragraph mischaracterization for
      the second time. You must have missed my earlier
      response to your first shot over my bow..."I'm retired,
      enjoying life, and investing" and I will add, after 40
      years in insurance and financial services. I have a
      nice (for me) and profitable long term position in
      BB&T and a 10+ year collection of annual and quarterly
      reports, recent press releases,& other internet available
      documents.
      I continue to add to my holdings with
      dividend reinvestment (which I'd recommend to everyone)
      because I believe the CEO is one of the brightest
      strategic thinkers in banking and management knows how to
      execute. Ask some of the people he convinced to sell to
      BB&T rather than another bank (they like the paper).
      Ask a broker whose firm follows the bank. Read the
      annual reports, listen to John at the annual meetings
      and he'll answer most of your questions. I have two
      objectives on this board: to learn, and to post factually.
      If you find any factual errors in my posts I'll
      apologize to the readers. Meanwhile, let's focus on BB&T &
      leave off the personalizations.

      I remain a
      BBTFan! Good Day!

    • Just another note from WV. I wonder if BB&T will allow MNB to retain most of their employees...Let's hear from some veterans of the "Aquisition Process", or should i say {survivors?}....

    • The financial markets were just great yesterday,
      weren't they? I hope you made a pile. I tried to send a
      post to you earlier today, but it capsized in
      cyberspace. Here's another. If the first one surfaces
      somewhere, please forgive the redundancy.

      Thanks for
      pointing out the wording in Tush's posts. I know he
      appreciates it. Just change a bit of his wording: Rather than
      "NO highly skilled workers", change that to
      "COMPARATIVELY SPEAKING, RELATIVELY FEW highly skilled workers".
      Rather than "Trash EVERYWHERE", change that to "DEBRIS
      VISIBLE IN MANY PLACES."

      Stockboy II has just put
      up a post, to which I agree wholeheartedly. Let's
      drive on to more challenging things, such as
      speculation on what BBT and its competitors may do, or not
      do, next.

      But.......since you seem to indicate
      that you live in southwestern WV or, perhaps,
      southeastern KY, I'm really surprised that you take issue with
      the phrase "open mining pits".
      I would think you
      would recognize the name Arch Coal, a St. Louis, MO
      mining company that is one of the largest coal operators
      in WV. I think Arch operates the very large Spence
      #1 mine in Logan County, part of Mate's core market.
      You should know that a Chief U.S. District Judge this
      week blocked Arch's request for a permit to open, over
      in Pigeonroost Hollow in Logan County, what would be
      the largest mountaintop removal mine in the state. It
      appears as if the judge thinks that thousands of acres of
      mining have previously been approved in violation of
      federal laws, and dozens of improper mountaintop removal
      permits have previously been issued.

      In case some
      of the readers of this board are wondering, in
      mountaintop removal mining, explosives are used to blast off
      the tops of hills. Then, huge earthmoving equipment
      moves in and digs out the coal. Leftover rock and dirt
      is then dumped into nearby streams in waste piles
      called valley fills. I really think that the people of
      WV are very concerned about the cumulative
      environmental impacts of mountaintop coal
      operations.

      Don't feel badly about this, however. Next to Iowa,
      there are more hogs raised in NC than any other state.
      It brings in more revenue than does tobacco (really
      shouldn't be a surprise there). In Duplin County, NC there
      are 40,000 humans and over 2,000,000 hogs; more hogs
      than any county in the nation. Approximately 2,000
      hogs per square mile. An estimated 20,000 hog births
      each day. The anti-poop lobby (yep.....that's what
      they call it) has been calling for anti-stink
      measures.

      Troubles everywhere.............trade you
      some hogs for a coal mine ?

      I hope you have a
      great weekend.


      PS. Thanks, Stockboy, for
      your unique talents. Tushtilla.

    • I'm sure everyone that has posted re: the WV
      purchase feels they are RIGHT! and they probably are. The
      point is, it really doesn't matter. This is a very
      small purchase and will have very little impact on BBT
      one way or the other. I happen to agree with
      Tushtilla (well, that seems to cover all your names that
      I'm aware of!) that the demographics are not
      exciting, at least for now. Before you start with the "buy
      low, sell high - get ahard of the market" stuff, WV,
      as wild & wonderful as it is, is not an attractive
      banking market - when compared to VA, GA, SC, MD, and
      even TN. Sorry, no harm intended, it just isn't -
      based on the simple facts. But, I digress.

      I
      doesn't matter much what I think, because (and say it
      with me you Monday night "The Bisquit" fans - think
      Ally McG), this is too small to really count.

      I
      would love to leave this discussion on WV, as healthly
      as it has been, behind and focus on the future if
      possible.

      You are a sharp bunch of folks, so what do you think
      the future for BBT holds? If you were John Allison,
      where do think you should go to next? Alaska to corner
      the fishing market? Do you continue branching out
      from traditional banking and, if so, into what? And
      WHY? I'm really interested in the "why" part, so
      please enlighten us all! Since I'm convinced that
      BBT_Fan is a company shill (hey, why not - that's smart
      on their part if true), perhaps he/she will share
      your ideas with Mr.
      Allison.

      Regards.......

      Stock (I ain't Doc -where are you Doc?) Boy

    • IMHO, your criticism is unwarranted and, perhaps,
      misplaced. We've reviewed all the posts after #855, and
      really can't locate one from you that addresses the
      original issue: the MARKET in which Mate operates. If you
      have information about that issue, there are some who
      would like to hear it.

      As I understand your new
      post, you are trying to address growth in "scenic"
      areas, with specific reference to Boise, Idaho, a
      location with which you profess familiarity. I don't
      really see much of a similarity between Boise and
      southwestern WV. The population of Boise is approaching
      200,000, inside an MSA approaching 400,000. Although I
      haven't checked it out, I really think that the combined
      population of all the counties in Mate's core market is much
      less than the Boise area. Unlike southwestern WV,
      doesn't Boise have several major corporations
      headquartered there, and have been there for many years, in
      addition to the tech stuff of Micron? Companies like Boise
      Cascade, Morrison-Knudsen, and Albertsons ring a bell with
      me; not necessarily high-tech, but providers of good
      jobs. IMHO there is really no similiarity between the
      two economic areas, either now or in the
      past.

      I agree with your comment about basic factors
      "fundamental for economic success: a disciplined, competent
      labor force and the efficient circulation of capital".
      However, wouldn't you also agree that, when so-called
      high-tech companies make decisions to locate their
      facilities, they also consider many other factors, such as
      taxation in the locale, the reasonable availability of
      truly outstanding educational facilities (Palo Alto,
      Raleigh...nearby Duke University), financial inducements (I'm not
      inferring that inducements ultimately paid by the taxpayers
      are good), the availability of air transportation
      (both domestically and internationally), etc., etc.,
      etc.?

      There has been, and still is, a major concern in WV (by
      the state government, the economic development
      agencies, and many families) about the outflow of people
      from the state........declining population (do you
      remember that post ?), especially the outflow of young
      adults; both educated and uneducated. This is a fact. If
      "good" jobs, generally speaking, were available in the
      state, the young people would remain. The purchase of a
      medium-size bank in WV by BBT, while it might improve "the
      efficient ciculation of capital", (some believe that the
      capital will circulate VERY efficiently FROM W.V. TO N.C.
      and VA.), will not necessarily help provide good jobs
      to the people, which I think you erroneously
      imply............. Although many of the leaders in WV want
      desperately to solve these problems, it always gets embroiled
      in state politics.

      I hope you enjoy your day.

    • not being able to see the forest because of the
      trees? That's what your problem looks like to me. You
      quote a few satistics and that's ok, but there's a
      bigger picture. For one thing, AndyNum. is right about
      growth in "scenic" areas. I have some familiarity with
      some of the areas he mentions, such as Boise, Idaho
      which not so many years ago was considered a backwater
      by many and is now thriving, with Micron Tech. among
      the companies located there. Same for the Salt Lake
      City area and parts of South Dakota, and Des Moines
      and Omaha. Maybe you need to lift your eyes and mind
      up from the outhouses and toward the two basic
      factors most economists agree are fundamental for
      economic success: a disciplined, competent labor force and
      the efficient circulation of capital.

    • What posts indicated you said something about the
      people of the area - I give you post #855, #868,
      #872!!!!!!!!!
      And I quote "NO HIGHLY SKILLED WORKERS", "TRASH
      EVERYWHERE", AND
      "OPEN MINING PITS".
      You may have not
      said anything about us straight up but you have
      implied!!!!!
      I drive 23 miles to work daily and I don't see the
      trash or the open mining pits and yes I am a highly
      skilled college graduate. (I had my eyes checked last
      month so don't say I need to have them checked.) In the
      future I will try not to take things so personal but I
      am passionate about my beliefs.

    • View More Messages
 
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