 Quote:
Originally Posted by Art G
First off, HBAN is in a depressed part of Ohio!
Secondly, they were hit pretty hard in '07 and they made their way through it. They are still making a profit, which seems to be unheard of in the banking industry. They've already written off a bunch of their bad debt, so I believe they have a much greater upside potential than most banks right now.
BTW, I think I first recommended the stock earlier than that. You may have just seen my most recent.
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They are in Ohio, but from my memory of a year ago when I looked at them when they were reccomended as a dividend play at 18, I believe the largest amount of loans they had were in the state of Michigan and very vunerable to the auto industry, at least that is my memory.
If I am remembering the right bank they had bought another bank which had a whole bunch of subprime loans on it's books that it had to eat and that prior to that they had been a real conservative bank. I may have to look at my old file on this guy again.
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Oh, what'll you do now, my blue-eyed son?
I'm a-goin' back out 'fore the rain starts a-fallin',
I'll walk to the depths of the deepest black forest,
Where the people are many and their hands are all empty,
Bob Dylan
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