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Non-Tech : First Union Bank

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To: checkmate who wrote (294)	7/18/2000 10:41:24 AM
From: MARK BARGER	Read Replies (2) of 323

Hi, I just picked up a starter kit in FTU at 26 11/16. I have a friend that is a regional manager in S.C. for FTU. He has been with FTU for around 15 years, and said this past weekend that he has never felt so good about FTU's prospects as he does now. They are much more focused than previously as they kind of lost their way the last couple of years. They have come clean with all of their poor investments this last quarter and really like the new CEO. The Money Tree acquisition was a complete fiasco. They tried to find buyers for it but could not, the loan portfolio was so crappy that they just wrote off $1.7 billion of the $2.1 bil. investment, hence, and deservedly so, FTU's stock price got killed. All of the bad news is out there. The only possible shoe that could drop is to reduce their yield payout, which I highly doubt. Buy low........sell high (first you have to buy low in order to sell high) MB

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