Buffalo as the next Charlotte?

[leftWNYbecauseofBS]

One can only hope...

M&T, First Niagara may turn Buffalo into the next Charlotte
A prominent Wall Street investment strategist says Buffalo could become the next Charlotte, N. C., citing the rapid growth and success of M&T Bank Corp. and First Niagara Financial Group.
Robert Albertson, principal and chief investment strategist at Sandler O’Neill & Partners LP in New York, said the acquisitive expansion by the two Buffalo-based banks is similar to the rise of Bank of America Corp. and the former Wachovia Corp. in Charlotte in the 1980s and 1990s.
Bank of America — formerly NationsBank Corp. — is today the nation’s biggest bank, while Wachovia — formerly First Union Corp. — was the fourth-largest U. S. bank. It was acquired by Wells Fargo & Co. in late 2008 after heavy loan losses forced it to seek a buyer.
But both banks had started off as small local institutions in North Carolina that bought their way to prominence. And now, he said, that cycle is starting again as a result of the financial crisis and recession.
“When one looks back in history, it is amazing that two of the largest banks in America came out of Charlotte, N. C. It wouldn’t surprise people if it was San Francisco, Chicago or New York, but it was Charlotte,” Albertson said Wednesday, reached by phone while on vacation in South America.
“I find it interesting that a new batch of superregional banks are being built, and at the moment, the city that is in the lead to do that is Buffalo, because both M&Tand First Niagara, in different ways, have been building by acquisition, while other banks around the country are quite cautious.
“I think in a sense it’s the new Charlotte. So I take my hat off to both banks. They’re really thinking out of the box. And the good news is the ones that start at the beginning and do it first usually win.”
Albertson’s views were cited in a report Wednesday evening on CNBC.

[mesue]

...

Bank of America — formerly NationsBank Corp. ...

Did they pay their bailout money back yet?

[PickOranges]

One can only hope...

M&T, First Niagara may turn Buffalo into the next Charlotte
A prominent Wall Street investment strategist says Buffalo could become the next Charlotte, N. C., citing the rapid growth and success of M&T Bank Corp. and First Niagara Financial Group.
Robert Albertson, principal and chief investment strategist at Sandler O’Neill & Partners LP in New York, said the acquisitive expansion by the two Buffalo-based banks is similar to the rise of Bank of America Corp. and the former Wachovia Corp. in Charlotte in the 1980s and 1990s.
Bank of America — formerly NationsBank Corp. — is today the nation’s biggest bank, while Wachovia — formerly First Union Corp. — was the fourth-largest U. S. bank. It was acquired by Wells Fargo & Co. in late 2008 after heavy loan losses forced it to seek a buyer.
But both banks had started off as small local institutions in North Carolina that bought their way to prominence. And now, he said, that cycle is starting again as a result of the financial crisis and recession.
“When one looks back in history, it is amazing that two of the largest banks in America came out of Charlotte, N. C. It wouldn’t surprise people if it was San Francisco, Chicago or New York, but it was Charlotte,” Albertson said Wednesday, reached by phone while on vacation in South America.
“I find it interesting that a new batch of superregional banks are being built, and at the moment, the city that is in the lead to do that is Buffalo, because both M&Tand First Niagara, in different ways, have been building by acquisition, while other banks around the country are quite cautious.
“I think in a sense it’s the new Charlotte. So I take my hat off to both banks. They’re really thinking out of the box. And the good news is the ones that start at the beginning and do it first usually win.”
Albertson’s views were cited in a report Wednesday evening on CNBC.

In the 1980s, I worked downtown.. Back then there was talk. we had all the major Banks- Goldome,Big E, marine Midland, liberty etc. We had the biggest fiber network in the nation. Then the Saving and Loan Crisis hit. That was the end of it..

Maybe this time it would work?

[PickOranges]

Did they pay their bailout money back yet?

I guess you must have been fortunate. You must of paid off your home loan, car loan, student loans all within 2 yrs?

I guess you didn’t see my thread on AEG. More are following but the bottom line is you still have equity in the banks..

http://www.speakupwny.com/forums/sho...d.php?t=136627

I can’t be posting the same info and doing research.. You already know how much I charge.

[Save Us]

One can only hope...

M&T, First Niagara may turn Buffalo into the next Charlotte
A prominent Wall Street investment strategist says Buffalo could become the next Charlotte, N. C., citing the rapid growth and success of M&T Bank Corp. and First Niagara Financial Group.
Robert Albertson, principal and chief investment strategist at Sandler O’Neill & Partners LP in New York, said the acquisitive expansion by the two Buffalo-based banks is similar to the rise of Bank of America Corp. and the former Wachovia Corp. in Charlotte in the 1980s and 1990s.
Bank of America — formerly NationsBank Corp. — is today the nation’s biggest bank, while Wachovia — formerly First Union Corp. — was the fourth-largest U. S. bank. It was acquired by Wells Fargo & Co. in late 2008 after heavy loan losses forced it to seek a buyer.
But both banks had started off as small local institutions in North Carolina that bought their way to prominence. And now, he said, that cycle is starting again as a result of the financial crisis and recession.
“When one looks back in history, it is amazing that two of the largest banks in America came out of Charlotte, N. C. It wouldn’t surprise people if it was San Francisco, Chicago or New York, but it was Charlotte,” Albertson said Wednesday, reached by phone while on vacation in South America.
“I find it interesting that a new batch of superregional banks are being built, and at the moment, the city that is in the lead to do that is Buffalo, because both M&Tand First Niagara, in different ways, have been building by acquisition, while other banks around the country are quite cautious.
“I think in a sense it’s the new Charlotte. So I take my hat off to both banks. They’re really thinking out of the box. And the good news is the ones that start at the beginning and do it first usually win.”
Albertson’s views were cited in a report Wednesday evening on CNBC.

Thanks for laugh today Lefty!

[leftWNYbecauseofBS]

In the 1980s, I worked downtown.. Back then there was talk. we had all the major Banks- Goldome,Big E, marine Midland, liberty etc. We had the biggest fiber network in the nation. Then the Saving and Loan Crisis hit. That was the end of it..

Maybe this time it would work?

I really hope it does. The one thing I noticed was HSBC was not included.

I lived in Charlotte during the boom 90s and the spin off from the banks was massive. Still is today. The other thing that Charlotte has is Duke Energy. While National Fuel is not as big...the similarities are eerie.

To put the power of diversity in perspective, Wachovia was building a massive tower in DT Charlotte. When the sh*t hit the fan, they were no longer able to full the building. Duke Energy stepped in and increase their floor space from 10 to 21 floors.

Without having Duke in the picture, the building would have looked like the Casino downtown..only a bit more completed.

[leftWNYbecauseofBS]

Thanks for laugh today Lefty!

I still have hope and I am one of the most cynical bastards on here...

[Save Us]

I still have hope and I am one of the most cynical bastards on here...

Dude,,,you rock!

[joe d.]

I still have hope and I am one of the most cynical bastards on here...

I wouldnt worry...some people just cant handle the truth!

[mesue]

I guess you must have been fortunate. You must of paid off your home loan, car loan, student loans all within 2 yrs?

I guess you didn’t see my thread on AEG. More are following but the bottom line is you still have equity in the banks..

http://www.speakupwny.com/forums/sho...d.php?t=136627

I can’t be posting the same info and doing research.. You already know how much I charge.

I wasn't talking about me, I was talking about Bank of America.
I wasn't bailed out and delivered from bankruptcy at taxpayer expense, they were. Geees! Hour do you justify $200 an hour? And ... what on earth makes you think that you're worth following via reading all of your threads? It's nice that you think that highly of yourself but that doesn't mean that others have to as well.

[gorja]

Originally posted by mesue:
Did they pay their bailout money back yet?

Yes, B of A paid their $45 billion back in December of last year.

[mesue]

Yes, B of A paid their $45 billion back in December of last year.

Sweet!
I still don't like them. But I haven't liked them since they were Fleet bank.

[PickOranges]

I really hope it does. The one thing I noticed was HSBC was not included.

HSBC bought out Marine Midland or changed their name.

[leftWNYbecauseofBS]

HSBC bought out Marine Midland or changed their name.

I know that...

I was just saying that HSBC was not mentioned in the article as a reason for the potential comparison to Charlotte. Seeing as since they are one of the bigger bank employers in town..that was strange to me.

[300miles]

^^ My guess on that point is that it's mostly M&T and First Niagara doing all the growing and acquisitions lately. HSBC is huge here, but hasn't been growing here. Plus there's (very remote) potential they could leave WNY with their recent real estate poker play.