...equity dilution is only about 10% of assets...$220MM........
...bank's operations meet all Fed's metrics.......return on assets, return on paid-in-capital, efficiency ratio...........ETC.......merger with SC FC will add some short-term dilution.......................
...FCNCA is putting up $220MM in preferred stock.............which has no impact on operations...................and FCNCA might be getting $368MM in an NOL which FCNCA can use for 20-years to off-set taxable NOI...............and FCNCA nets about $180MM in annual taxable income................at a 35%+ tax rate federal income taxes are about $96MM/yr (2013)..................two years worth of tax savings = about $192MM in federal taxes............
...so essentially, the preferred stock is a WASH..........might be some intangible benefits................."intangible," frankie...........is that a good word, frankie......??????......
...that's my opinion...............probably more going on with all of this...................................who cares....?????
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