we lost a penny compared to last year. I suppose
that might not be too bad, but to misquote the late
Everett Dirkson, a penny here, a penny there, pretty soon
we're talking about real money! At this hour I haven't
read nor heard the song put out on the company organ,
but I'll be interested where they are pointing their
fingers this time!
timeis235959 wrote on 06/07/1999 at 11:28 am
>So you heard a "rumar...from an unknown source" - my
>full of information too, but I know his
I dunno, I read it in the Green Bay
Press-Gazette that Wells Fargo offered $48 per share. And since
they are the absolute last to ever report any news, I
guess it is feasable that everyone else in town knew
about it frist.
If anything, ASBC would be the purchaser in an
Amcore deal. Amcore has a market cap of $600 million,
ASBC $2.1 billion. Amcore assets are under $4 billion,
ASBC over $11 billion. Unless they got a whole lot of
capital infused, Amcore couldn't do it, and ASBC holders
would own 75% of the resulting company.
have anything to do with the amount of directors,
presidents of local area and other usually high paid
I know usually the big boys tray and "streamline"
the # number of people down from the higher paid
positions to the "REGIONAL DIRECTOR" title. WOW!!! Sound
familiar? AMCORE bought some locations and four years later
almost all of the people that used to bring in all the
business have joined the "local" bank, had a branch built
for them, and have heavily impacted them.
AmCore is in no position to buy anybody. That
bank has been underperforming for a while
What is interesting is that they are starting to act
and sound alot like FOA and MTL did before they were
bought. Consolidating charters, consolidating operations,
cutting expenses, what management calls becoming a lean
mean banking machine. It also happens to be everything
you need to do to make being bought as easy as
possible on the buyer. I wouldn't be looking to AmCore to
Question: Why do you (or anybody
else) think that fewer charters is better? Operational
efficiencies? Cost Savings? Just curious.
aquisition/merger mode right now. They just made
announcements to combine all of the independant charters into
one. Sounds like that is something other people should
consider doing. At least down to a couple, instead of 8 or
9, like some other "banks".
They are going to
keep the same operations for now, but we all know that
is going to change once things fall into
Thanks for the well thought out and easy to read
post regarding ASBC's potential suitors. Another MOE
partner to consider is Amcore (AMFI) who has a small
presence in Wisconsin, is based in Rockford, and is in
many of the same areas as ASBC in Illinois. Just
another thought to consider, again with the idea of
double-dipping down the road.
I don't think there is much
to the most recent rumor of either FSR (to busy with
MTL deal) or WFC (ditto with Norwest deal). But what
do the rest of you out there think?
whisper numbers out yet for 2nd quarter? Anyone with
insight on how this quarter should look? Based upon the
published accounts, 2nd quarter might be another down
period, but then they better pick it up afterwards, or a
sale will likely be pressured. All IMHO...
As the holders of number one and number two
market share, respectively, in Wisconsin, MRIS and FSR
would have anti-trust problems with ASBC purchase. Both
would be required to divest of assets/deposits in the
Fox River Valley, Wausau and likely Milwaukee and
Madison markets as well. ASBC's downstate Illinois
franchise is not a big attraction for either, at least at
the premium ASBC would require. USB is a possibility
as is Wells Fargo (old Norwest) as both have some
presence in WI and IL already. It seems to me that Old
Kent is a likely suitor and perhaps CMA, KEY, NCC and
FITB, as well. An MOE with TCB is also a possibility
with the eye toward a double-dip in a few years by
selling the resulting franchise to one of the same
potential buyers several years down the road. ASBC has to
put up some numbers over the next four quarters or it
will get pressure to sell.