SouthTrust bought Cenit in May 2001; Cenit Stock increased 65% on deal
"SouthTrust closed on Thursday at $46.36 a share. Adjusted for a SouthTrust stock split that will take place May 11, shares of SouthTrust would have been at $23.18. The value of that stock -- multiplied by 1.14 - - gives the price of $26.42 that SouthTrust has agreed to pay for each share of Cenit. That's 65 percent more than the $16 a share that Cenit closed at on Thursday."
Cenit documents are still available on the SEC website. No doubt management learned something from the Cenit deal ... like mortgage operations, constructions loans, etc. gunk up the marketability of your bank. So what do you do the next time? Get rid of all that junk!