WB's acquisition of AG Edwards today is a fantastic move that will strengthen WB and makes them a strong national player. In a similar move, BB&T will announce that they will be acquiring Podunk Community Bank in Dogue, Virginia, in a move that will add 3 branches to their already extensive network of brick and mortar and 30 year old ATM machines. CEO JA said "this important acquisition will allow us to be the #1 holder of deposits in the Dogue market and will help us to remain independent. At a 75% premium, this deal was a natural for our organization." Today's announcement by BB&T caused a 3 cent fluctuation in stock price.
The WB purchase will do little to impact the company. As WB focuses on new money only, the old money will walk out the back door with the competent AG Edwards Account Execs. This will really benefit Edward Jones more than WB. The WB train is on the tracks and there will be little left of the prior enterprize. JA is far smarter than the old First Union faithful.
actually, this will be very fruitful for WB. any AG Edwards brokers who want to leave would rather be independent than work for a very large firm like WB. WB has a business channel they support that treats brokers as independent contractors where the brokers earn a signing bonus and a very large percentage of commissions, way higher than industry average. Edward Jones can in no way compete with that model as many EJ brokers are moving in droves to their own independence in that wb channel. This allows the broker to call his/her own shots while WB keeps the assets on the books.
Hey don't knock those 30 year old atm machines...I'd rather deal with those than some toothless hag named Charlene at the teller's window trying to sell me "one dem Visa Cards" or maybe "one dem home ekity loans for 10.5%!". Myabe i should just start going to one of the payday loan stores, its about the same thing.
And, as usual, you still seem to be unhappy and attempting to drag others down to your level, which btw, it seems you did grab a couple. What that tells me is you are an ex employee, ex loser in stock or you weren't retained in acquisition, or didn't get the promotion you so richly deserved, while JA is STIL at the helm, and BBandT is STIL not sold or MOE, and I, pats self on shoulder made another bundle today. Ahhhhhhhhhhhhhhhhhhhhhhh!
You know STILL I've been reading your dribble for years now, but never responded because, quite frankly, I find your kool-aid laden comments humorous. But I can't understand why, unless you're JA's father or mother, you can't stand to hear anyone make a negative comment about BB&T.
The fact is, in terms of stock appreciation, this stock has been a dog for at least the last 5 years, and I'm likely under estimating that figure. Does BB&T pay a decent dividend- sure. But most of us under 60 would like a little appreciation too. And before you go off labeling me as a disgruntled ex-employee like you do with most naysayers, I will admit that I spent a # of good years at BB&T, but left on my own terms:1)to make more money at a much smaller bank; 2) got tired of the kool-aid intoxication by upper management; and 3)to get away from cross-selling BS products like credit cards rather than multi-million dollar loans.
Anyway, to STILL and other kool-aid drinkers who own a decent # of shares of BB&T (as I do), you should have some real concerns about this bank. I still have many contacts inside the bank, and here are some facts:
1) Moral among many employees sucks, especially for many longer term employees who are worn down by the same repititious kool-aid slinging year after year;
2) Take a look at some of the talent drain from BB&T over the last 3-4 years. My contacts tell me that the DC-Northern VA region has lost some big producers and great talent over the last few years;
3)And I understand the producer and experience drain has been even worse in the Baltimore market; these were supposed to be the 2 markets that spearheaded BBT growth and they have experienced and top producers leaving left and right;
4)Maybe BB&T can compete in their longterm regions of NC and SC, but further north, they are eating the dust of Wachovia, M&T, B of A, and a # of other players. That pay more for better service speil doesn't play in the northern regions, especially when Wachovia and the others have improved their customer service.
To the kool-aid drinkers, keep your heads in the sand if you like, but this bank must make a major play in the next 5 years - either a MOE or an outright sale. It cannot compete with the real big boys on pricing and the small banks still offer better service than BB&T, contrary to what their commercials would have you believe. Good employees are jumping ship, and even the good ones remaining have become disillusioned, and are waiting for the right opportunity to jump too.
Remember, Nero stood by and played his violin while Rome burned. Hopefully, the management of this company will put their fiddles down and look for a partner to dance with instead.
Boy Stil, did I hit a nerve or what. How many responses did you give my one little joking post? I also think you should change your sign on from STIL to ASS since you ASS-ume too much and ASS-ume things about me and others on this board incorrectly. I just think it is curious how sensitive you are to any criticism of this dog. I actually like BB&T, and as an investor in the company I feel they should do what's best for the shareholders and let go of their egos. Advice you should take as well, my friend.