I've heard this for years, even before the recent financial crisis hit. I wouldn't buy a significant stake here on takeout potential alone. They have to start actually earning money and get TARP behind them, which incidentally may involve share dilution as they attempt to raise money.
If they have tons of cash and they are solid, they didn't get that way being foolish; and buying SNV while it has not yet announced its course of action to repay TARP would make little sense. It is obvious that the regionals are looking to consolidate with other banks, but SNV still is a long way from being a viable candidate today.