67 WALL STREET, New York - October 6, 2009 - The Wall Street Transcript has just published its Northeast and Mid-Atlantic Regional Banks Report offering a timely review of the sector to serious investors and industry executives. This 130 page feature contains expert industry commentary through 21 in-depth interviews with public company CEOs, Equity Analysts and Money Managers. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.

Topics covered: Residential Situation -- M&A Strategy -- Moderate Pricing -- Recessionary Environmental Issues -- Unemployment -- Poor Banks -- Mutual Holding Company Structure -- Oversold Names -- Cap Rates -- Significant Divident Yields -- Potential Capital Appreciation -- "Smid" Caps -- Dividends in Excess of Earnings -- Expensive Valuations -- Pace of Recovery -- Credit Problems in Both Markets -- Take-Unders -- Regulation -- CRE Issues -- Foreclosure Wave -- Commercial Real Estate -- Stock Gains -- Third Quarter Earnings -- Depository and Lending Side -- Changing Landscape -- Possible Over-Regulation -- Burden on Community and Regional Banks -- Continued Lending -- Economic Recession -- Increased FDIC Charges -- Conservative Banking -- Asset Quality -- Strength of Capital -- Sticking to the Basics -- Customer Service -- TARP Program -- Credit Market -- Modest Recovery -- Shape of the Recovery -- Weathering Turbulent Times -- Opportunities for Growth -- Institutional Investors -- Resurgence in Community Banking -- Corporate Culture -- Opportunities

Companies include: BB&T (BBT); Colonial (CNB); First Niagara (FNFG); PNC (PNC); National City (NCC-PA); Harleysville National (HNBC); Citizens First Bancorp (CTZN); Regions Financial (RF); Bank of America (BAC); SunTrust Banks (STI); Pinnacle Financial (PNFP); Northwest Bancorp Inc. (NWSB); Beneficial (BNCL); Investor Savings Bancorp (ISBC); Territorial Bancorp (TBNK); FNB Bancorp (FNBG.OB); National Penn (NPBC); Trustco Bank (TRST); KeyBank (KEY); M and T Bank (MTB); New York Community Bancorp (NYB); Bank of New York Mellon (BK); Wells Fargo (WFC); JPMorgan Chase (JPM); Wachovia (WB); Harleysville Savings Bank (HARL); SVB Financial (SIVB); Signature Bank (SBNY); Provident Bank (PBKS); Valley National Bank (VLY); Community Bank System (CBU); NBT Bankcorp (NBTB); Fulton (FULT); Citibank ©; Allied Irish (AIB); Bank of Hawaii (BOH); First Horizon Bank (FHN); Comerica (CMA); Synovus (SNV); Zions (ZION); South Financial Group (TSFG); Bancorp (TBBK); Legg Mason (LM); IBERIABANK Corp. (IBKC); Wilmington Trust (WL); S and T Bancorp (STBA); PHH (PHH); Goldman Sachs (GS); Citigroup ©; U.S. Bancorp (USB); Fifth Third Bancorp (FITB); KeyCorp (KEY); Lehman Brothers; Colonial; Washington Mutual; TD Banknorth (TD), Lakeland (LBAI), Westfield Financial, Inc. (WFD), United Financial Bancorp, Inc. (UBNK), Chicopee Bancorp, Inc. (CBNK)

In the following brief excerpt from just one of the 21 interviews in the 130 page report, an expert in bank demutualization investing discusses the outlook for the sector and for investors.

LAURIE HUNSICKER joined the Stifel Nicolaus Research Team in June 2007, covering northeast community banks and thrifts. Prior to joining Stifel, Ms. Hunsicker spent 17 years as a Managing Director and Co-Head of the FIG (Financial Institutions Group) research team, among other positions at Friedman, Billings, Ramsey Group, Inc. She has been consistently ranked by her peers and clients among the industry's best, including past recognitions in rankings such as the Institutional Investor "All American Poll" and StarMine's "Top Picker in Banks."

TWST: What stocks do you cover within the banking industry?

Ms. Hunsicker: I cover community banks and thrifts. That is the only sector that I follow, and I follow 18 companies.

TWST: Are they in a specific region?

Ms. Hunsicker: Most of them are in the Northeast. There is a very heavy emphasis on New England, but I also follow a bank in Hawaii that is a conversion. That is a subset I follow as well. I follow the recent demutualized thrifts, that's the whole area that Peter Lynch turned the spotlight on in late 1980s and early 1990s. Generally speaking, while these companies are newly public, they are not new banks. Many of them are 100 to 150 years old. They're just newly public and became public in a demutualized process where shares are sold to depositors.

TWST: How has the recent financial crisis impacted the demutualization?

Ms. Hunsicker: In theory, it should speed it up. But we really haven't seen that. Most of the demutualized thrifts that convert are not in need of capital. So unlike much of the rest of the industry, which is very capital constrained - causing many banks to come into the market for capital and pursue capital retention programs that put buyback plans on hold, or cut dividends and so forth - the demutualized thrifts tend to fall into a separate category. They are coming to market but not typically because they need the capital. Rather they want stock ownership and this is a perfect time to be coming public because it is the one type of IPO where both new investors and existing management end up sitting on the same side of the table. When we see cycles like this appraisals fall, it becomes a fantastic time for mutuals to consider converting. One of the more recent bank stocks to convert, Territorial Bancorp (TBNK) in Hawaii, actually came out to depositors at 59% book. Two years ago, its appraisal probably would have been around 85% book. So it's a complete win-win. The stock opened up 40% on the first day, the IPO opened at $14 and change and proceeded to close at $15 - still up 50% and still a bargain at that level. It was win for depositors, a win for insiders and certainly anybody that's purchasing any aftermarket shares while they are still trading at a discount to book. That's because the bank has a whistle-clean balance sheet and has excess capital - all the things that investors would like to see. And generally speaking, these demutualized thrifts, when they come public they are out there paying a dividend and repurchasing shares. So they are a very unique subset to the community bank sector. But I think overall, when we look at what's going on in the overall banking industry, there is a huge focus on the two Cs, capital and credit, and obviously that's kind of a broader sort of look.

The Wall Street Transcript is a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs and research analysts. This 130 page special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online .

The Wall Street Transcript does not endorse the views of any interviewees nor does it make stock recommendations.

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