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BB&T Corporation Message Board

  • Do_The_Tush_Push Do_The_Tush_Push Mar 2, 1999 1:52 PM Flag

    BBT acquisition of MATE....#2

    [5] In message #873, "midniterambler007"
    continues to put a Clintonesque spin on the facts. Let's
    take a look. He says that "One of the biggest economic
    development projects in WV in the last ten years concerns the
    development of and along U.S. 119 from Charleston to
    Williamson". He is correct, at least to the extent that the
    construction of "Corridor G" was, in and of itself, a huge
    project, consuming millions of dollars of federal taxpayer
    monies. However, even today, there is no evidence of any
    significant privately funded so-called economic development
    [i.e., manufacturing plants, etc.] along this expensive
    highway. Heay....this is not secret stuff. Come see for
    yourself. Next, "midniterambler007" asserts to me "your
    contention that Matewan had no real internal core growth is
    equally suspect". IMHO, he has misrepresented my views:
    my post said "Matewan has experienced very little
    internal core growth"; an observation borne out by
    Matewan's own figures. Next, "midniterambler007",
    responding to my observation that "Matewan's efficiency
    ratio has been going in the wrong direction", gives us
    some information about the cause of the declining
    efficiency ratios. His information is correct. The readers
    should note, however, that Matewan's expansion was going
    on at a time when many, many other commercial banks
    were expanding, too, and at a time when commercial
    bank profits, capital, and asset quality were reaching
    all-time highs even with the banks' expansions. Next,
    "midniterambler007" takes issue with a statement I'd made that said
    "..the majority of Matewan's commercial loans are
    collateralized with either coal mining equipment and/or coal
    trucks..". Again, "midniterambler007" is patently
    misrepresenting information even though it is found in Matewan's
    public filings. Readers: Please, go to the sources and
    make your own determination.

    "midniterambler007" states "You strike me as one with an axe to grind
    with Matewan". Axe to grind ???? For making a factual
    observation about Matewan's MARKET ? Go figure, folks.

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