67 WALL STREET, New York - November 18, 2009 - The Wall Street Transcript has recently published its 4th Quarter 2009 Northeast & Mid-Atlantic Regional Banks Report offering a timely review of the sector to serious investors and industry executives. This special feature contains expert industry commentary through 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 Mortgage Situation -- Regional Banks Mergers and Acquisitions Timing Strategy -- Commercial Mortgage Portfolio Decay -- Timing Of Commercial Mortgage Portfolio Bad Debt Write Offs-- FDIC Hit List For Bank Closings -- Mutual Holding Company Structure -- Interest Rate Scenarios -- Banking Pricing Power -- Expensive Bank Valuations -- Tangible Book As Guide For Bank Stock Pricing -- Distressed Sales Of Community and Regional Banks -- TARP Program -- Attitude Of Institutional Investors Towards Resurgence in Community Banking -- Unique Business Models -- Regional Bank Boards Looking For Exit

Companies include: ECB Bancorp, Inc. (ECBE); Evans Bancorp (EVBN); Allied Irish (AIB); BB&T (BBT); Bancorp (TBBK); Bank of America (BAC); Bank of Hawaii (BOH); Bank of New York Mellon (BK); Beneficial (BNCL); Bryn Mawr (BMTC); Centrix Bank (CXBT.OB); Chicopee Bancorp, Inc. (CBNK); Citibank ©; Citizens (CTZN); Colonial (CNB); Columbia Bancorp (CBBO); Comerica  (CMA); Community Bank System (CBU); Danvers Bancorp (DNBK); ESSA Bancorp, Inc. (ESSA); FNB (FNB); FNB Bancorp (FNBG.OB); Fifth Third (FITB); First Commonwealth Financial (FCF); First Horizon Bank (FHN); First Niagara Group (FNFG); Fulton Financial Corporation (FULT); Goldman  (GS); Hampden Bank (HBNK); Harleysville National (HNBC); Harleysville Savings Bank (HARL); IBERIABANK Corporation (IBKC); Investor Savings Bancorp  (ISBC); JPMorgan Chase & Co. (JPM); Juniata Valley Bank (JUVF); KeyBank (KEY); Lakeland (LBAI); Legg Mason (LM); M&T Bank (MTB); Mid Penn Bank (MPB); NBT (NBTB); Nat City (NCC); National City (NCC-PA); National Penn Bancshares (NPBC); New York Community Bancorp (NYB); Northeast Bancorp (NBN); Northwest Bancorp, Inc. (NWSB); Orrstown Bank (ORRF); PHH (PHH); PNC (PNC); People's United Financial (PBCT); Pinnacle Financial (PNFP); Provident Bank (PBKS); Regions Financial (RF); Rockville Bank (RCKB); S&T Bancorp (STBA); SVB Financial (SIVB); Signature Bank (SBNY); South Financial Group (TSFG); Sterling (STL); Sun National Bank (SNBC); SunTrust (STI); Synovus  (SNV); TD Banknorth (TD); Territorial Bancorp  (TBNK); USBs (USB); United Financial Bancorp, Inc. (UBNK); VSB Bancorp (VSBN); Valley (VLY); Wachovia (WB); Wells Fargo (WFC); Westfield Financial, Inc. (WFD); Wilmington Trust (WL); Zions (ZION).

In the following brief excerpt from just one of the in depth interviews in this Special Report, an award winning banking industry analyst discusses the outlook for the sector and for investors.

Paul Miller, Managing Director and head of financial institutions research at FBR Capital Markets, is well known in the investment community for providing in-depth, fundamental analysis and investment recommendations on thrifts and mortgage finance companies. Mr. Miller covers large-cap banks, mortgage banking companies and small-cap thrifts, including Bank of America, Wells Fargo & Co., PNC Financial Services and BB&T Corp.

Mr. Miller was recognized by the Financial Times/StarMine in 2008 and 2009 as the leading earnings estimator in thrifts and mortgage finance. He was also named The Wall Street Journal's "Best on the Street" in 2006 and 2007 for coverage of thrifts. In 2008 and 2009, Mr. Miller received the Forbes.com Blue Chip Analyst Award as the leading analyst covering banks and thrifts; he received the same award for coverage of finance companies in 2009. In 2008, Bloomberg Markets ranked Mr. Miller number one for bearish best calls from among more than 3,000 analysts worldwide. Mr. Miller is a former Bank Examiner for the Federal Reserve Bank of Philadelphia, where he worked for five years. As a Bank Examiner, Mr. Miller conducted financial analysis for more than 30 community banking institutions in the Philadelphia and Harrisburg market areas. Mr. Miller earned his B.S. in economics, his B.A. in international relations and his M.S. in economics from the University of Delaware. He received the charted financial analyst designation in 1997.

TWST: In terms of the large banks you mentioned, do you think they're likely to emerge even stronger and more dominant from all of this? Or will the de-leveraging create a more even playing field?

Mr. Miller: I think the larger banks will be hindered by regulation. The issue is that the government has pretty much said that we are not going to fail any more large institutions anymore. However there is going to be a reaction to that type of statement. Okay, we are not going to fail Bank of America (BAC), but we are going to regulate Bank of America so they don't get into this type of trouble ever again. And so they are going to have to hold higher capital levels than your smaller institutions. They are going to come under more scrutiny than the smaller institutions. I think that's where the advantage is for the smaller institutions, and I think these big companies will start to split up knowing there is no advantage in being big like there was in the past.

TWST: Will investors see any opportunities ahead?

Mr. Miller: I think as an investor you've got to be careful. You've got to pick your spots and invest in certain regions. You've got to invest in certain balance sheets that are beaten up. You've got to be careful to stay away from the rich stocks like the Wells Fargos, USBs (USB), BB&Ts (BBT) and focus on those companies that are trading at book or below book, like a Fifth Third (FITB), like a KeyCorp (KEY), which is trading a little bit above book. That's where you want to focus on now, on companies that don't make money. It seems kind of odd to be recommending stocks that don't make money, but they are trading at book or right around book whereas some of these other banks, like Wells Fargo (WFC), are trading close to three times book. We think there is very little upside in owning Wells Fargo at these levels.

PAUL MILLER

Managing Director,

Head of Financial Institutions Research

FBR Capital Markets

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 20 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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