The street lost confidence in FNFG when the details of the HSBC purchase became apparent. The CEO selection didn't help. IMO, it's now on FNFG to demonstrate--through EPS growth--that it has successfully managed its way through its self-inflicted wounds. The street is not giving FNFG a presumption of improvement--as it is with other regionals-- simply based on the rise in interest rates & the likely positive impact on the NIM.
I agree. The former CEO took a good regional bank and, through costly and ill advised purchases, made it something else (what I am not sure). Given the growth in online banking, who needs this many expensive branches? IMO it will take a long while (5 years or more) for the damage to be repaired no matter who the CEO is. This is a great example of a self aggrandizing CEO and a disinterested board acting in a manner to destroy owner value. Look at the 5 year chart to determne just how low it went and how low it can go.