Missfvb, have you ever went thru any mergers before? Do you know all the steps involved? Do you know why one bank decides to sell to another? Do you know why the buying bank sends folks in to review the selling banks proposals and statements of condition, which includes credit policies loan policies employees evaluations loan portfolios etc? Do you know what happens if the selling bank has kinda misrepresented their standing? Do you know what happens if the employees are not up to par in todays banking industry, both technically and job related? Do you know that original proposals are changed on a daily basis due to those findings? I know all these things. I also know that CEOs tend to try to salvage some employees and get rid of others from the selling facility. Many times those get rid of employees are the best but do not fit the agenda of the selling CEO. Thats called politics my dear which makes the world go around. So what might be a poor merger in your mind might be routine in anothers. I can't build an atomic bomb can you? I do know folks that can. So I try not to suggest to a bank president an opinion, but I will fact. Good luck in your career. I draw from your nick you may be young but thats an opinion. If so again good luck. In todays world you will need it. It was much easier in my time.
Yes, I have been through mergers before...both personally and within my family circle, and I do not know why my age is a factor as I am established in my career and have a couple nice pieces of paper framed on my office walls. I don't believe I ever said this merger was 'poor,' but by reading the countless mssgs on this board- I believe there are plenty of people out there that have this sentiment. Personally, I benefitted greatly from the FVB merger, but I had several coworkers who were not treated with the dignity and respect that they deserved. Everyday I have operational issues that still have not been resolved nine months post merger. We were told that BB&T is very job specific and that everyone is an expert in their respective fields. I've found these "experts" are few and far between and BB&T is the king of propaganda. This bank got too big too fast and the growing pains are being felt everyday by their employees. As far as the "whining" issue, I am not a whiner. Isn't the point of these boards to openly discuss one's opinion(s) and discuss that with others (not be shot down and spoken down to for expressing an opinion)? You are obviously very knowledgeable b/c of your banking background, but please don't sell the rest of us short. We're out here now and trying to make the best of this new 'merger' world. As you said...'in today's world' I'll need luck, but I still like to naively think that hard work does still go a long way.
Great post. These are the exact words that I have been looking for. CLEARLY bbt people did not feel this way about the FVB people. I am not sure if it is because of the large percentage of FV people with ethnic backgrounds or if it is because they just don't care for anybody but themselves. Either way, shame on them. FV had some damn good people and it was a shame to see them belittled and misled through the transition period. In the very end, all people will be rewarded according to how they led their lives, which includes how they treated other people. Amen missfvb private e-mail email@example.com
Well, I don't know where to begin except to say that if FVB did misrepresent some vital facts, why were they not caught when BBT did their due diligence? Yes, Fitzpatrick was not completly forthright with employees or the press but at least he did not outright lie. Allison is a smooth speaker but has you chasing your tail by the end of his presentation. As far as your defination of politics goes, you may want to change the word to BS. Why do I say that you ask? Any organization that buys another and then has to lay off some of their own longtime employees to make up for the poor planning is pretty damn bad. I can not speak for MISSFVB but I have been through a bank merger in the past and it was certainly handled a lot better than bbt handled this one. The aquiring bank told us what they were going to do, how they were going to do it and then did it. Their estimate of severed employees was on the mark and, to the best of my knowledge, there were no major operational problems. One thing that you said is certainly correct. Many of the FVB employees were not as well trained on technology related issues, but they certainly knew their jobs and I believe that the profits that were shared with the stockholders were on about the same percentage leval as those at BB&T. In addition, the stock grew. In fact, based on today's banking industry growth stats, FVB stock would have been worth more than BB&T's today had they not sold. I would be very interested to know how many BB&T stockholders would sell their stock today and reinvest the proceeds elsewhere if they did not have to pay capital gains or if they were not holding just in case of a merger.
Doc you apparently haven't seen many due dilgence reports since you've been on one merger. I've seen over 15. You apparently had a good one. I've seen a few that were good. You do not know nor can you say as a fact he didn't lie. Yes politics under another name is BS, but it's still politics. No M and A has ever resulted in no employee layoffs, rifs or attrition. Thats called business and a fact of life. Its called the bottom line and profitability. Thats why FVB sold, they were losing the game. FVB woulda coulda shoulda but they didnt. FVB is now BBandT. Its over. MissFVB would do well to get out of the past and into the future, not encouraged to whine more by others.