I'm out and moving on to other banks that are blessed with adult leadership (Check out First Niagara which moved into eastern PA and seems to be eating Nat Penn's lunch despite Nat Penn now 'playing offense' per CEO). Recall how a year or so ago Nat Penn was touting how they planned to add to deposits with the turmoil in the local market with the uncertainty of Santander and First Niagara moving into the market. Check out what's happened since.
Another PATHETIC quarter described by CEO as 'positive' and demonstrating the 'strong' balance sheet. How many quarters have we heard this same BS? I feel sorry for the poor back office people who spent untold hours processing the paper to document the awards of more 'restricted' stock to the execs who will receive substantial shares after the TARP is repaid. Recall that they can repay the TARP only because they issued discounted stock to Warburg and diluted the equity we poor schmuck stockholders already had. Bye and good riddance.
This incompetent board of 'good old boys and girls' should also be replaced but I will no longer be able to vote them out. Should be another interesting shareholders' meeting this year.
As one schmuck diluted shareholder to another ... good one!
Agree with all of your comments. Congrats for getting out, which I shoulda woulda coulda a long time ago.
With such a "positive" quarter, does the CEO get a big cash bonus in addition to his stock awards, granted by his cronies on the board and compensation committee? Or, do the schmuck diluted shareholders get an increase to their measly dividend?