With the HCBK announcement today, I'm surprised that PBCT didn't attract any buying interest. It'll be interesting to see if there's a delayed reaction in the next few days. It doesn't appear that there's any takeover premium built into this stock, so I have to conclude that there's absolutely no expectation of any combination in the foreseeable future.
Quote from CEO Robert G. Wilmers of M & T bank in todays Buffalo News "Connecticut is a new but very desirable market." "We've done some business in connecticut, and we think we can continue to grow there."
The problem with the HCBK deal from our perspective is that MTB would have been one of the most likely acquirers of PBCT--especially as a counter to FNFG moving into CT--but now they're off the market for a while. Really, who else is in a position to buy PBCT at a premium? Not the Citi/BAC/JPM crowd, the last thing they need is another retail acquisition. Most of the other likely deals would be no-premium all-stock "merger of equals" with a bank of similar size. Maybe PNC?
Might be a good deal for MTB in a year or so once they digest HCBK though--looks like they have their sights set on being a "super-regional" like USB, now that they have HCBK downstate, adding the PBCT footprint probably makes a lot of sense.