I read this in the Sunday, November 5, 2006 edition of the Birmingham News.
Comments attributed to Richard X. Bove, bank analyst for Punk Ziegal & Co.
CULTURAL WORKSHOPS "Bove has called the deal a "reverse merger", where the smaller bank is actually the one in power. Speculation is that the new Regions, led by Ritter, is filling jobs with Amsouth people rather than picking the best from the two banks, Bove said."
At least one analyst is speculating what everone at Regions already know.
Escape the Merger Madness.....First American Bank. Huge sign on a well traveled hwy. Great location.. Right over a People's Bank that was previously occupied by UPC...and across the street from Region's Bank.
I wondered when someone was going to capitalize on this opportunity. Although, a little past due...but great strategy.
I doubt the validity of that article. It makes no sense for any corporation to pass over more qualified people. Those in charge know that the better employees a organization has the better the heads look. However, seniority must be considered.