KK has said we always try to deploy his capital to WM's best advantage. As WM's stock increases, a deal for AF or any other bank becomes less dilutive. I still think cash will be part of any deal. I don't recall KK saying WM would be restricted using cash in any deals.
WM and AF share a great affinity for the neighborhoods they serve and in this case they are similar.
Remeber, WM cemented their presence in CA with not one, but two distinctive acquisitions. I believe they will do the same in NY.
As an AF shareholder, I hope a price of 36+ occurs. I guess only time will tell!