The acquisitions have been very sensible from a geographic standpoint with a fill in of markets in their existing foot print and in contiguous areas. While not on the cheap, the acquisitions have been done with a combination of cash and stock which has preserved their cache of cash. For the time being there is sufficient cash to fund the dividend as the income builds back up to a level which is self sustaining. While not sexy from a opportunistic standpoint in terms of forgone opportunity to acquire failed banks on the the cheap, the overall plan is sound and will ultimately produce both solid income and value. Once the banking sector recovers sufficiently, if they do not provide reasonable shareholder value they will become a nice target for someone either looking to enter the northeast or consolidate their hold there. I think this will provide a decent return over a 3-5 year period for those patient enough and the downside does not appear to be very significant.