For those of you tracking BBK: the word on the inside is that they lost out of the recent bid for FFFC, a savings bank in Lynchburg that just sold out to a WV bank. Only a handful of savings bank left in Virginia to acquire. Any thougts from the crowd?
Yes, there is a BB&T. Some lucky shareholders in the state will have a great, although late, Christmas present. For market fill-ins between recent acquistions, especially owners of medium size S&L's, buy your own and hold. Allison's on his way.
I Love BBT because ITS NOT JUST BANKING TO THEM ANYMORE.
BBT will continue to buy life insurance companies, and investment companies like craigie. Anything even remotely related to financial, they will get involved in.
I believe they don't want to get to big, because by being the size that they are, they can run circles around FU and nations. I see them making further acquizitions in virginia within the next 45 days, but I think you will see more buyouts from them of investment related companies.
They have an awesome strategy. I see this stock around 75 by this time next year. Plus dividends, thats pretty awesome stuff.
Correct assessment of F&M. All their banks share a common core system, and fair degree of uniformity. Ability to eliminate the current duplicated functions (by combining the local banks into one) should provide some immediate savings to offset cost of conversion, though. First VA is much the same. Candidates available that offer any significant presence in VA is shrinking fast. Would BB&T want to stray away from their "preferred" target profile to get the market area(s) they need to fill in the holes?
Why would it have to be a savings bank? BBK is large enough to buy one of the few remaining VA based bank holding co's. Which they select would depend on where they choose to concentrate their marketing effort in VA. Crestar, First VA, and F&M all have their strengths. FVB is primarily retail, Crestar mostly commercial. FMN is the smallest of these 3, and is very dominant in certain areas. All 3 have a large (and growing) Northern VA presence. I would bet that at least one of these goes by end od 1st Q. '98.
Are there any Maryland banks or savings and loans that have a presence in Northern Virginia. BB&T appears to be interested in only sub-1.5 billion institutions. Perhaps they want to prevent any dilution of their stock through a major acquisition in the hope of receiving a substantial takeover offer. What do you think?