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#579807 - 07/06/06 01:27 AM Big Ole Merger
JustASquirrellTryinToGetANut Offline
Member
Joined: Jun 2006
Posts: 72
Any folks in here going through a recently announced merger?? Say....one where $9.8 billion was paid for the other!!!

If so, what are your thoughts!!??

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#579808 - 07/06/06 03:11 AM Re: Big Ole Merger
BBoyd Offline
Diamond Poster
BBoyd
Joined: Mar 2002
Posts: 2,494
MI
No, but 1.05 billion.... And the adventure begins!
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Opinions are mine and never to be taken as legal advice!

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#579809 - 07/06/06 05:16 AM Re: Big Ole Merger
Kathleen O. Blanchard Offline

10K Club
Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,281
Mergers are always such fun. Roll with the punches and wait to see what happens. Sometimes new opportunities arise. You just never know. I went through so many and always wished I would get laid off with a package, and never did!

Once, within a year and a half, we went through 2 mergers and a full corporate reorg. Each time we got re-evaluated to see who got to stay. The 3rd time my boss called me in he said, "this is getting old, you still have a job."
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Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
The HMDA Academy
www.kaybeescomplianceinsights.com

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#579810 - 07/06/06 02:13 PM Re: Big Ole Merger
BBoyd Offline
Diamond Poster
BBoyd
Joined: Mar 2002
Posts: 2,494
MI
I've been through them before - the last two on the "buying" side; now we're on the "being bought" side - and there are so many decisions yet to be made. I'm polishing my resume just in case, but am not worried. If my identity was solely in where I work, I'd be devastated. Fortunately, it's not, and I trust that when God closes one door, He'll open a window of opportunity wherever He wants me to be.
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Opinions are mine and never to be taken as legal advice!

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#579811 - 07/06/06 03:27 PM Re: Big Ole Merger
Kathleen O. Blanchard Offline

10K Club
Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,281
I found that many folks who were cut went on to bigger and better things, in and out of banking!
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Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
The HMDA Academy
www.kaybeescomplianceinsights.com

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#579812 - 07/06/06 04:04 PM Re: Big Ole Merger
Anonymous
Unregistered

Great attitude BBoyd! I have that to be true on both the personal and professional level.
iafarmer

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#579813 - 07/06/06 06:12 PM Re: Big Ole Merger
JustASquirrellTryinToGetANut Offline
Member
Joined: Jun 2006
Posts: 72
I am maybe slightly concerned, we are being bought but our current CEO will be the director of the "buying" bank. There are good things about it though, hopefully we will inherit better services and products.

I am fortunate though, there are no current branches of the buying bank within a 100 miles so I won't be going anywhere!

But this brings up another question....I am being offered a position with a local community bank with a great reputation....the question is...

should I stay and see what happens with the merger (if I do my salary will likely change because I am currently getting large branch incentive pay for hitting branch goals)

or...

get out now before it all hits the fan!!

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#579814 - 07/07/06 02:20 AM Re: Big Ole Merger
BBoyd Offline
Diamond Poster
BBoyd
Joined: Mar 2002
Posts: 2,494
MI
Hmmm...your situation sounds similar to ours - the CEO is still involved at a high level, along with our HR director and a few others. My hope is that they do look at who is able to operate most efficiently within the structure they want to go with and choose accordingly. I'm in a "targeted" back room area, most likely, but would be interested in possibly moving into a different area, such as legal or Trust (we don't currently offer a Trust Dept. but our "buyer" does). I'm over the age where I can get overly excited about sales, so a retail branch doesn't appeal at the moment.

It's a tough call when there's an offer on the table. If the offer is something you would like to do and still live in the manner to which you've become accustomed - it's tempting. Good luck!
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Opinions are mine and never to be taken as legal advice!

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#579815 - 07/07/06 12:31 PM Re: Big Ole Merger
KAT Offline
Platinum Poster
Joined: Aug 2004
Posts: 986
Massachusetts
If there was no merger would you have taken the offer if it was given? If the answer is yes go for it. If the answer is no then think long and hard on why you are tempted to take the offer.

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#579816 - 07/07/06 03:34 PM Re: Big Ole Merger
JustASquirrellTryinToGetANut Offline
Member
Joined: Jun 2006
Posts: 72
That is very good advice KAT, I hadn't though of it that way.

BBoyd, my current bank offers a large trust dept and so does the buying bank....but I feel for what you are going through as well, several of our back-office folks will be displaced. The good news is if they are and they aren't offered a comparable job then they get a severence package!

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#579817 - 07/09/06 09:08 PM Re: Big Ole Merger
BBoyd Offline
Diamond Poster
BBoyd
Joined: Mar 2002
Posts: 2,494
MI
Quote:

The good news is if they are and they aren't offered a comparable job then they get a severence package!




That's what we are figuring. Of course several rumors are flying around that they'll offer CSR jobs to officers, and if the job isn't accepted, they get no package. The Bank has been pretty fair to those previously severed, so I wouldn't think they would do that. Every time I start to think about what I would like to see happen, I have to stop myself and say "Not my will but Yours...." and let it go. There are many things I could try to do to keep a position in the new bank, but I have to just do the "next" thing, polish up my resume and hope for the best. I know I have a lot to offer the new bank, but it's quite possible they already have someone who can offer the same - or more - than I can. Only time will tell....
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Opinions are mine and never to be taken as legal advice!

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#579818 - 07/19/06 01:01 PM Re: Big Ole Merger
RBanker Offline
Power Poster
RBanker
Joined: Jul 2003
Posts: 2,675
Austin Texas
Well, the rumors have been laid to rest - our holding company (1.8B, 4 banks) will be merged into a +4B company by the first of the year.
Twice our size and no training department, so I'm hopeful, but we'll have to wait and see.

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#579819 - 07/19/06 01:30 PM Re: Big Ole Merger
Skittles Offline
10K Club
Skittles
Joined: Sep 2002
Posts: 13,963
TN
I'll keep you in my thoughts, TexTrainer. Hopefully - if they don't have a training department - you will be just fine.
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