I hope this works out for you, Brussel. I think you still have it at a great price.
The pluses are that EBC is so much bigger than its other demutalized compettors, and the management is focused. After 3 years, regulations would allow them, as a demutualized bank, to be acquired by one of the national banks. I trust the CEO's statement that this will not happen, and that the goal is to expand the franchise. It's WIN-WIN, whatever the result, but I hope EBC continues on its own path to excellence without Wall Street wanting to gobble it up.
Our pluses:
1. All banks have the tail wind of more monetary expansion, and the inevitable raising of rates.
2. For EBC, it is in the best market area of the country. In Massachusetts, our best employers (universities and hospitals) pay no taxes, so they can maintain high payrolls for employees, who buy houses and pay mortgages and do not default. In Massachusetts, in spite of its reputation as "Taxachusetts", the tax rate must be level (currently a mere 5%) and that is protected by the State constitution, and liberals have been unsuccesful over the years in getting voters to overturn it. In addition, no town can raise its real property tax rate by more than 2&1/2& without 2/3 local suppoet, another great rule to protect mortgage lenders.
In sum, EBC is in the best market with great management, has tailwinds from federal support for banks in general, and has a valuation which is still not stretched, etc., etc.
The "market" does not have to be risky if you buy the right stocks, and EBC continues to be my poster child.
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