Will We Have A Recognizable Banking System in 5 Years?
I hold onto my Valley shares because I believe that if Valley can't make it as a Mid-Size Regional Bank here, then no one can - and the result of that would be that our whole regional economic system would start grinding to a halt and start looking like St. Louis (dormant wealth, nice place to visit, but nothing happening). If mid sized commercial banks in NY, NJ and Long Island can't make enough profit making loans to businesses, real estate developers and upscale home buyers (to grow employment and consumer spending) and instead have to rely on speculation (in all its forms) to just eek out decent earnings, then there will be no sustainable economic growth here. I bet on Valley because I bet on an eventual recovery in our region - which will result in growth in lending and profits. And once we start to unwind our monetary policy and get widening spreads so banks can make a buck without taking undue risk, Valley can do well - just like before. In the meantime, I collect m dividend.