the stock pops because folks realize its not a victim of the deals that dropped the biggies, and hasn't to this point succumbed to the pressures affecting others, pays the divvies, and lives up to its word just like it did during the depression as NCs only surviving bank. When oil steadies, housing rebounds, and folks start hiring the stock will ride back. Those who predict 40s and 50s are opinions not fact based, and the time frames are unpredictable. Karen Finnerman cannot affect BBandT anymore than the totals held by all the posters on this board.
"Integrity Bank's skyrocket run as the fastest-growing bank in Georgia history, fueled by housing construction, has ended in failure.
Friday, August 29, 2008 Integrity Bank fails, bought by Regions FinancialAtlanta Business Chronicle - by Joe Rauch Staff Writer
Birmingham, Ala.-based Regions Financial Corp. (NYSE: RF) late Friday acquired the deposits for the Alpharetta, Ga.-based community bank in the 10th bank U.S. bank failure this year, according to a late Friday press release from the Federal Deposit Insurance Corp.
Integrity Bank operates five branches in metro Atlanta, primarily in the city's affluent north suburbs.
Regions Financial acquired all of Integrity’s $962 million in total deposits, including uninsured deposits, paying $9.7 million for them. The deal does not include Integrity Bank's branches. However, Integrity Bank branches will temporarily open as Regions Financial branches early Tuesday. The FDIC said all customer deposits at the bank will be available for customer use over the weekend through checks, debit cards and ATM withdrawals.
Regions Financial is also buying $34.4 million in cash and other assets from the failed bank.
The FDIC estimates the cost to liquidate bad assets it assumes from Integrity Bank will be $250 million to $350 million."
Spoor, you need to do your homework. Integrity bank was brought down by loans made to a failed So. Florida real estate developer named Mitchell. It has nothing to do with your standard nonsense about sub-prime write downs blah blah blah. And bankers get caught in scams even at BB&T, remember the NC land deal scam that BB&T got sucked into? and it was much bigger than this thing at this little Ga. Bank.
But keep on with that cutting and pasting, you're doing a great job. Nice try......