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First Niagara Financial Group Inc. Message Board

  • bankman1999 bankman1999 Apr 19, 2013 12:28 PM Flag

    US Bank needs this footprint

    History repeats itself and this looks like a BofA takeover of Fleet back in the day.
    Look for an offer north of $12 in the next 90 days and then watch PNC compete for it

    Sentiment: Strong Buy

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    • Unlikely that PNC would be interested in FNFG. Recall that PNC had to divest many branches in PA when it took over Nat City (FNFG purchased those branches). Were PNC to agree to take over FNFG, the regulators would likely require that it divest all FNFG branches in both eastern & western PA. A messy prospect, at best. Wells or Toronto Dominion might be more likely suitors. But, as the saying goes, banks are not bought, they're sold. We're not yet seeing any signs of the "exploration of strategic alternatives" accompanying the CEO search.

    • you're kidding? what would possess any profit-maximizing company to willingly set up shop in NY? NYC is overbanked and upstate is indistinguishable from Appalachia in terms of its economy. Citi has pulled out of Buffalo, as has HSBC, and Chase never really jumped in. What they were in with: Manny Hanny, Irving and Chemical; have left. WNYers need to get real about its economic prospects as long as it keeps returning the same anti-business crowd to every elected office in the state.

    • fnfg would fill in big gaps for both

10.33+0.10(+0.98%)Jul 22 4:00 PMEDT