So today FMER missed out on another opportunity to expand its footprint when it apparently underbid to take over Peoples Community Bank (Peoples was closed today by the FDIC). Peoples had approximately $1B in assets and 20 branches, most of which were within 40 miles of the Cincinnati market (a market in which FMER has no presence). First Financial was the winning bidder to take over the failed banks.

So let’s recap. First Merit almost certainly bid and was outbid on Peoples (above), underbid (it was confirmed that FMER was a bidder) on the approximately 50 National City branches in the Pittsburgh market which PNC had to sell when it acquired NCB (First Niagara was the winning bidder) and also underbid on the Amtrust branches in the Columbus market (WesBanco was the winning bidder). What are you waiting for First Merit management? Mr. Cramer is going to take back all the good things he said if you keep watching the world pass you by.