Santander (the fourth largest bank in the world) bought Sovereign as a foothold to the US market. A couple of months ago, Peoples hired Sovereign's CFO, Kirk Walters. My gosh... what better way to prepare for a takeover? The old trojan horse trick.
I suspect that nearly every investor in PBCT has it in the back of his/her mind that someday this company will be taken over by a bigger player. This has been a very long term trend which seems likely to continue. Consolidation has been the name of the game. Some of the mergers/takeovers have been highly successful while others have flopped. Not all of the takeovers have been at premiums (i.e Northfork), so there's no guarantee PBCT investors would be happy with that scenario. Either way, the current dividend seems fairly secure, so I'm content to just wait and see what happens going forward. PBCT management doesn't impress me a whole lot, but I've seen much worse.
To many cooks in the kitchen. They are all paying themself more and more while the stock goes down. Look at all the board members and the benefits they are giving themselves. Boy did they screw the loyal customers who invested in them. I can't understand why the shareholders tolerate it and don't go after the directors. They are as bad as Madoff.