After holding and adding to my BBT stock over the
years, now I see it going nowhere. Ready to put my money
where it can go further faster. It's been a nice ride,
but looks like it's time to switch horse.
Perhaps the reason the cannon shot will hit no
one in those lobbies is that it appears as if those
banks have strategies in place to encourage the retail
customers to bank via personal computer, telephone, etc.,
etc. Say what we wish on this board, but all the banks
you named in your missile seem to be doing well and
are not losing massive numbers of customers or, at
least, are not losing their really profitable customers.
They are too smart to let that happen. I suspect BBT
will use the alternate banking channel strategy to
change the habits of customers in rural VA and WV, and
thus drive down the per customer cost of servicing a
If we told you how many people were using this
one computer, you might think we lived in a college
dormitory, or something like that. Think "4" for starters.
It seems to change daily.
We like your idea
for the ad "We have a banker you can meet. Live"!
Truly creative and revolutionary. I would much preefer
that a live banker call on me......rather than a
"Mountain", of all things. Aren't those tv commercials
Where I live you can shoot a cannon thru the
lobby of Nations, Wachovia, First Union, and others and
not hit a customer. BB&T is a class bank as you said.
NetBank (NTBK) probably has the best idea on banking on
the internet. Carolina First (CAFC) gave them their
seed money and start and still owns 10% of the stock.
You can run an Internet Bank out of your garage.
Location, brick, and morter mean nothing any more.
showing my age by saying I like walking into the
solid brick version of a bank. I still like the feel of
actually, not virtually, going to a place that exists in
the old-fashioned way. And there's a bit of Dr.
JunJun in me in that I too enjoy looking at attractive
tellers and bankers who are there, in the flesh.
But I also must admit that I too have been going into
those banks less and less often ... slowly slipping
into the next century where, as you say, brick and
mortar branches may indeed go the way of the oxcart.
Although: have you noticed that horse buggies are making a
comeback of sorts. Perhaps some years from now a bank will
try a nostalgic approach by advertising something
like this: "We have a banker you can meet!
Also, I am curious: are there two of you speaking as
one? Or are you, by your choice of name, signaling
your proud acceptance of your split-personality
I wonder if your message about wanting to go to
"your bank" in Charleston, Savannah, San Francisco, or
wherever is a reflection of a generational gap. Studies
that I've read about seem to say that over 50% of bank
retail customers rarely set foot in a brick and mortar
branch; they don't want to, there is no need to, and it
takes to much time, especially since so many banks (but
not BBT, of course) have reduced their branch office
staffing and the service is lousy and gets worse. Most
younger customers, and many older customers, now use just
ATMs, credit cards, telephones, and personal computers
to do their banking......and there is thus no need
for branches. All studies seem to show that branches
will go the way of the oxcart and crossbow. The banks
themselves will see to that, also, because branch closures
can reduce costs.
while "nobody knows anything" is true for most of
us most of the time, it is not true for everybody
all the time. There are those who do know something
about some things but aren't talking.
bigger Firstar will, as you say, look to the southeast
for a partner eventually, as will Bank One, Wells
Fargo, and others. To me it seems the logic of retail
banking is to go toward coast-to-coast branches, and I
rather like the thought of being able to go to "my" bank
in Charleston, Savannah, D.C., San Francisco . . .
BBT is a great bank; I'm glad to be both customer and
...those who profess having inside information
generally don't (just blowing smoke) and those who have it
are smart enough to know the SEC
Attended the BB&T annnual meeting in D.C. last week and
John affirmed again the strategy to pursue
acquisitions as a line of business in a disciplined manner
that makes sense for s/h. This management group has
made over 40 bank & thrift deals over the last 10
years and the financial performance has earned a
premium valuation (referred to by an earlier poster) of 4
Also worthy of note is the Firststar
deal which creates a $78 billion bank which could look
to the southeast. Wachovia or BB&T should look
attractive. But I still think John's strategy will continue
to work and BB&T will be an acquirer not a seller on
Anyhow, Happy Dividend Day!
several "people in the know" (who have on
occasion been wrong and much surprised by the unexpected)
say BBT is a takeover target that several of the
larger banks would love to acquire. And there have been
many rumors about who is about to do so ... But BBT's
management has repeatedly expressed a desire to remain
independent and to grow by acquistion, as they have indeed
done. As has so often been said (and it's only a slight
exaggeration): nobody knows anything.
It seems like every few weeks I read about BB&T
buying another smaller bank or broker in a stock swap
deal. It seems to me that they would right sized and
positioned for one of the really large banks to target them.
Projected 1999 year end earnings are $1.95 per
share. Stock has traded between 20 to 24 times trailing
earnings (except during last years steep correction) and
thus 24 is possible unless market corrects again. Does
anyone know how bank reform s being considered by
Congress will impact the potential for consolidation of