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BB&T Corporation Message Board

  • dwdodd_99 dwdodd_99 Mar 4, 1999 7:08 AM Flag

    The purchase of MNB

    I have been quite entertained while reading this
    message board. I usually don't pay any attention to these
    things, but being an MNB customer for more years that I
    would like to remember, I feel I do have a stake in
    this new venture. I have to say that I feel selling to
    BB&T was the only real alternative that Dan R. Moore
    had open to him. Many years ago, MNB was a well
    respected institution, but not so any longer. At one point,
    Mr. Moore had a team put together that could have ran
    any bank. Who does he think placed him in the
    position that he's in. He did not do it alone. Then along
    came greed. MNB decided the time was right to break
    into the Pikeville market. They opened a thrift that
    was doing quite well from what I understand, but it
    wasn't good enough for him. The downfall of MNB came
    with the acquisition of Bank One of Pikeville. Matewan
    bit off more than it could chew, then panic struck.
    MNB is definitely not the leader of the market share
    in Pikeville. I don't feel that they ever will be.
    Community Trust, formerly Pikeville National, captured that
    along time ago. That is not likely to change in the
    near future. Matewan's philosophy had always been
    customers and employees first. I am not sure what happened
    to that. Mr. Moore has done many things right in the
    past, but he has also done many things wrong. Most of
    his key people have chosen to leave over the past few
    years. Morale is at an all time low. I certainly hope
    that the employees who are left after the shakedown
    will be in a much healthier environment than they are
    now. Many of the employees are killing themselves
    trying to find another job so they can get out. This is
    not an intent to criticize MNB, just hopeful that the
    people who have put Dan R. Moore in the position of
    power, get the compensation that is due them. Good Luck

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    • I am an xemployee of Matewan Banks, and I seen
      what was happening months ago, so I bailed out. I feel
      that I contributed more time and effort than any
      manager there, and I didn't receive anything but a hard
      time, headaches and stress. DRM didn't even acknowledge
      me leaving, and he had a hand in hiring me on.
      Matewan Bank has gone through a conformation that has
      turned the publics eyes toward other banks in this area.
      I feel the decision I've made is one of the best
      decisions I have ever made.

      One of there
      philosophies is pile the work on those that do work, and pat
      the ones who don't on the ass. Treatment of the
      employees was awful, they believed in low pay and large
      output. You can only squeeze so much work out of those
      who feel disrespected and unappreciated. For instance
      the tellers' pay scale was $5 lower than Community
      Trusts'. Instead of giving them some pay increase, they
      brought in some market research firm to tell everyone
      that Matewan was paying above standard pay to all pay
      levels which was a crock of shit. I could have made $20g
      more at Community Trust in the same city and wasted
      less time. Instead of hiring full time employees with
      experience, they hired Helig-Meyers xemployees--Asst. Mgrs
      for Bank Managers these people had no experience with
      customers or banking, brought people in with ZERO
      experience in banking and placed them in customer service how stupid is that!! Take my advice Axe all upper
      management at Matewan, including DRM, Ms. Simpkins, Ms.
      Spolarich, Mr. Edwards and Ms. Ward. These are the problems
      that Matewan currently has.

      • 3 Replies to xmemployee
      • I agree with some of the statements that
        xemployee made, but I do not agree with the blood bath that
        he/she suggested. I know there is a lot of stress, there
        is a lot of over-worked people, but not just at MNB.
        I have talked to people at other banks in this area
        and they are just about all the same. The same
        "mindset" is still there. The banks are trying all these
        new gimmicks without satisfying their customers. BB&T
        promises to bring the "client" back into the bank and
        treat them "right". I hope this is true because I am a
        customer of MNB also. MNB, Community Trust, First
        National, etc have forgotten who the customer is and have
        sacrificed their good employees for the sake of cutting
        expenses. They say their first obligation is to the
        stockholders. Well, goodnight!!!...there "ain't" gonna be no
        stock if they "ain't" got no customers and they "ain't"
        got no employees...As for hiring Furniture salesmen
        instead of bankers...their strategy was to increase
        sales, not balance a teller window...that's why they
        wanted professional salesmen/women...Their only mistake
        was to not train them properly with back office
        procedures, creating a nightmare for accounting and everyday
        operations...not to mention BAD CUSTOMER SERVICE in the end. Lots
        of Sales, but with every sale comes a new mistake
        and an error is embedded in the customers mind. MNB
        has a lot to learn. I hope BB&T has some strong

      • What say you to this person's post ?

      • Get over it. In the long run, none of this really
        matters. I hope you found another job. At this time,
        that's easier than at other times. Now everybody at
        Matewan will know how bitter you are and none really
        care! Get over it!

        BB&T does appear to be a good
        place to work, so you lost out.

        Read above, get
        over it and on with the rest of your



    • Obviously you did not attend Carolina. Your spelling gives it away.

    • STI could pay a nice premium in an anti-dilutive
      deal but they haven't previosly done two big deals
      within 8+ years of each other. A BO deal would probably
      be too dilutive to BO, plus they've publically
      indicated more interest in the midwest (La. was a family
      deal). Personal opinion - BB&T won't sell in the next
      five years or as long as JAA is CEO. He's an acquirer,
      not a seller.

    • Great minds think alike, right?

    • it does....I think they will try to acquire Weeber State next, yes ?

      Iron Duke

    • Have been out of town and am still trying to catch up on my reading.


    • Does the Georgia acquisition open the door for contiguous purchases?

    • OV is the one. Give those senior Sentors a couple
      of more years,
      and BBT and others will wonder
      where the Washington money went.
      If BBT is
      interested in OV, they need to know who will make
      decesions as to what OV will do and if BBT doesn't like
      it's no go...

    • I think it would be a great purchase. I mentioned it back in post 999.

    • since we are guessing, how about OV as a possible
      fit for
      "One Valley, a $6.0 billion bank
      holding company, has 9 affiliate banks that operate 125
      locations - 77 of
      which are in West Virginia and 48 in

      What are everyone's thoughts on this as possibility
      for BBT?

      Go big John!

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