Replies to post #26 on Sun Bancorp (SNBC)

[romang]

thanks for the reply one thing they stoped doing was pay there dividend 5% in shares that they used to do. i guess the owner is still doing good i see him in his bentley from time to time lol

Thanks!

btw i picked up more tma.gb for 10 on monday have you added?

[Enterprising Investor]

Many banks still acting like patients in a hospital.

Just when you think they are ready to be discharged, their condition worsens temporarily.

SNBC lost $28.1 million in the first quarter. The loss was caused by more loans going bad. The loan loss provision expense was $30.7 million. Banks traditionally do "winter cleaning". The goal is to start a new year with a tidy balance sheet. I would consider this a temporary setback.

I view the hiring of mortgage professionals from MetLife as a positive. My company is doing the same; it is the only line of business hiring staff. MetLife did an excellent job of recruiting our staff for its Irving, Texas location during the ramp up stage. The new hires did not even have to travel far to their new job. MetLife Home Loans was just across the street.

There are huge capacity issues in the mortgage business today. In many cases, it can take a borrower 75 days to get a refinance done. Many companies have left the business. BAC, for example, is only left with the retail business despite buying Countrywide Home Loans, which was also a dominant player in the wholesale and correspondent space.

[romang]

Thanks for all your help!!