Hey everyone-
Wish I had something good to say, but unfortunately I don't. I bought FTU December of 1998 and sold a few months ago for a 20-point loss or so.
When I bought FTU, my sister was working there and thought it was a great stock to own. It was recommended by my Morgan Stanley broker. Even my wife agreed it would be a good, conservative stock to own to balance the high-tech that dominated our portfolio. We all know what the stock has done in the last 12 months. I now have no position in the stock.
I just wanted to pass the following tidbits on so that you all would be aware of them. I wouldn't have bothered posting at all except for something that arrived in my mailbox today.
I got a solicitation today, a magazine offer. The magazine is called "Washington Consumer's Checkbook" and is a local magazine (maybe they have similar magazines in other cities). They comparison shop and tell people where to get the best prices on things and the best car service, etc.
Front of the envelope, they list six teasers to get you to open up the envelope. Line number 1: "Best Bank Service: Burke & Herbert, Sandy Spring national, Presidential. Avoid: First Union, Riggs."
Not that the magazine write-up would deter many people (I don't know what their subscription base is) but FTU scored pretty low to be one of the bottom two banks in the DC Metro area.
Second story: My old Morgan Stanley broker left and my account was transferred to a new broker, who had previously worked for Wheat First (or something like that) and he talked about how great an environment it was... up until FTU bought them. At that point, morale sunk, clients started leaving, and he bailed because he wanted to get off the sinking ship.
My sister left in the Summer of 1999 in order to go to grad school, so I don't know anyone who currently works at the bank (my sister was absolutely sick of things when she left).
I'm not short, don't get me wrong, but I figured that you all may appreciate a bit of anecdotal evidence that FTU isn't the best bank in the world...
-Mike |
