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BB&T Corporation Message Board

  • missfvb missfvb Jun 30, 2004 11:38 AM Flag

    JA's speech

    I had the "privilege" to hear Mr A speak recently, and I find it interesting that he can say in the same sentence how well the FVB merger went, but how BB&T will not purchase anything else until 2006 because we need time to "digest." There is definitly some "indigestion" out there among the ranks, but I do not see any real efforts by mangament to remedy what they've created. At least the BJF meetings were somewhat direct and informative, it seems Mr A tries to charm his audiences with his speaking ability and fluff and never really gets to any solid points that relate to why this bank is performing below his expectations.

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    • 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.

      • 2 Replies to stillginyit
      • 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.

      • 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.

        MISSFVB keep em coming

    • The explaination of expected financial performance is all over the analysts presentation made at the time of merger announcement; specifically paying 2.5 X book would be dilutive to earnings for around two years. But would become accretive thereafter, which is exactly what has happened, is happening. The projected efficiencies are recalculated every quarter and analysts and anyone else on the webcast gets an update after earnings are announced. If you & anyone else wants the current financial picture, join me and others on the webcast 2nd full week of July.

      I think JAA is saying the merger and operations conversion now complete went well, but that two years are needed to get savings to the bottom line.


    • Yes, have heard the speech. Same exact speech he has given for 4-5 years except for slight updates such as FVB merger. Reiterates that BB&T is the best, and all will be well. Seems bored giving the same old speech. Asks for questions at the end. No one asks anything unless it is really safe fluff. Has vitrioic hatred for government regulators, doesn't discuss Henry leaving, Kelly being put in Henry's job, and new president coming in.

      Kind of waste eh?

      • 2 Replies to blues555
      • The only question that someone had the nerve to ask was regarding the executive email policy (and the whole room gasped when he asked him). JA wasn't defensive about being placed on the "Dumbest Things on Wall Street" list...Merely said email had become too informal and is too easily taken out of context. Evidently, this is an 'informal' policy that he thinks all execs should adhere to.

        As sad as it is, I bought his explanation hook, line, and sinker...though I think it is ridiculous for the regional presidents and such to not be able to answer simple questions.

      • JA talks out his a$$

        Same old crap all the time just different day.

        Funny how nobody is allowed to ask any sticky questions at the end. Management makes sure you don't ask any questions they don't approve of.

    • Fan,

      If want to label anyone who says anything negative about BBT as WHINERS what do we call those of you who post the other side? How about POLLYANAS. Let's get a label that will stick.

      I mean the ones that will not acknowledge that the company has ever done or is doing anything wrong. The company must be doing some things that are wrong as the stock price is about where it was 6 years ago and they have lowered 2004 earning estimates.

      I would hope that you are not saying that you do not care about your fellow man or what happens to him.

      For better investing,


    • Jim, much as I would like to point out I wasn't "labeling anyone" I was acknowledging what "not so young" doc has established for himself, but since you and Cisco are on my IGNORE list, I have to ignore you. Just to make sure this works right, why not do me a favor and ignore me too unless I'm talking specifically to you. Which probably won't happen.
      Yours for better ignoring,



      Must have made my point.


    • The lemonade comment sounds as though it came directly from my Priest. The statements you made on your post are mostly valid and are a mark on the plus side for the rapid growth of the United States and our accomplishments over the last 200+ years. At best, it is a difficult task to manage the general well being of a large group of people and not offend more than half of them. Do you remember the radical stuff that came out of the 60's? I am proud to say that I was part of the group that many today would call "whiners" because we kept on pushing until social changes were under way and we got the remainder of our boys home from Vietnam. There definatly is a balance that can be achieved and maintained between the "whiners" and those that push for the "Republican Way of Life" but the "uppers" at bbt, as well as at many corporations, are not doing a very good job in that respect. I personally appreciate you taking time to respond to my posts. I enjoy hearing your views and they have, at least in part, helped me to better understand the bbt world.
      p.s. I am sure that BF has told a few fibs, at least by omission.

    • Doc, I appreciate your response. But let's be clear, pushing for positive social change is not whining. MLK was an educated persuasive debater who asked for opportunity ; others were in fact "whiners" lobbying for reparations. There is a difference.
      Mergers and integration of business cultures are world wide free market economic phenomenon, usually between willing buyers and sellers. This is a fact; we can't change it. You need to understand the fact that BB&T's acquisitions have all started with a previously merged CEO recommending BB&T as an acquiror of choice to a prospective mergee. Merged bank offices do perform better post merger; that's the record over 20 years. BB&T has never done an unfriendly takeover. Several merged CEOs contribute as Directors, a few are on the state bank boards and others have taken the severance package their previous boards gave them and retire or do other things. Bad things do sometimes happen to good people; the really good people do make lemonaid - this is not just a "priestly bromide"; you know people who have done it. Fact is, if any merged bank really had a superior model it would be a buyer not a seller.


    • And the difference is?

      Dr. King was perhaps the most important person in our recent history, if not all history. He was educated, persuasive and passionate about his beliefs. Fact is that Dr. King also got down and dirty when need be and I guarantee you he was not a whiner. Dr. King's belief in equality and his dedication to this belief were very radical in their time. He did what was needed to make his points. I would hate to see where we would be today without his dedication to "the dream". Buying and selling is as old as time but ANYTHING can be changed as was demonstrated by the actions of Dr. King. One last thing. If bbt has a "superior model" what happens when they are sold to someone else with a "superior model". Can only be one.

    • Let's stick to BB&T. MLK was many things, but the most important person in history ain't even close. Plagarist, womanizer, and all-around goof ball. When I think of MLK, I think of a street that I don't want to be on after dark. Keep it real.

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