Bullish on the banking sector, Sy Jacobs' favorite way to play is a bet on consolidation of the...


Bullish on the banking sector, Sy Jacobs' favorite way to play is a bet on consolidation of the community bank business. Consolidation has actually slowed since the crisis, but the new regulatory regime - pushing up fixed costs against community banks' small asset bases - is sure to rev things up. Favorite plays include PBNY and STL - in the process of what should be a highly profitable merger. There's also BHLB - a busy New England acquirer run by a protege of Larry Bossidy - whose next target may be UBNK. Others: ONB and Puerto Rico's OFG.

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  • LonW
    , contributor
    Comments (217) | Send Message
     
    Old National Bancorp, (ONB), bought 24 Bank of America branches, expanding into Michigan. The purchase agreement includes four branches in the Indiana cities of South Bend and Elkhart; and 20 branches in the Michigan cities of Adrian, Battle Creek, Benton Harbor, Blissfield, Brooklyn, Constantine, Jackson, Kalamazoo, Niles, Paw Paw, Portage and St. Joseph. ONB did not take any bail out money from the Fed's during crisis. They have been my bank since I started my business over 30 years ago. Great regional bank with solid management, and ONB is growing at a reasonable rate over the years. Old National Bancorp Price Target Raised to $14.00 at Jefferies & Co. A number of other analysts have also recently weighed in on ONB. Analysts at Raymond James rated Old National Bancorp from a "strong-buy" rating to an "outperform" rating in a research note to investors on Monday, March 18th. They now have a $15.00 price target on the stock. Analysts at Zacks upgraded shares of Old National Bancorp from a "neutral" rating to an "outperform" rating in a research note to investors on Tuesday, March 12th. They now have a $15.10 price target on the stock.
    Discloser: I am long ONB and may add more to my position.
    5 May 2013, 10:46 AM Reply Like
  • youngman442002
    , contributor
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    Regulate the small banks out of business..and can only sell to the big banks...the takeover has begun..think to big to fail..when they own everything...lots of political power too
    5 May 2013, 01:16 PM Reply Like
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