BB&T Corporation Message Board
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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
guys.-
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
areas..now 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
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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
teachers!!! -
What say you to this person's post ?
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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
life.
Regards.
Stock
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Obviously you did not attend Carolina. Your spelling gives it away.
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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?
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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.
Thanks -
Does the Georgia acquisition open the door for contiguous purchases?
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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
any
decesions as to what OV will do and if BBT doesn't like
horses,
it's no go... -
I think it would be a great purchase. I mentioned it back in post 999.
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since we are guessing, how about OV as a possible
fit for
BBT?
"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
Virginia."
What are everyone's thoughts on this as possibility
for BBT?
Go big John! - View More Messages
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