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13 Steps to Investing Foolishly / ElricSeven's Research Corner


Subject:  Re: looking for a needle Date:  4/2/2002  11:40 AM
Author:  yellowcard Number:  1840 of 1856

What did you find in the 10K's?

If you mean, what did I find in the 2001 10-K for Union Planters (UPC), well, nothing actually. I thought I had stumbled across a new agreement between UP and Jefferson, which was acquired in February of 2001. However, the reference mentioned an agreement "dated as of September 20, 2001 (incorporated by reference to Exhibit A to Prospectus filed as part of Union Planters' Registration Statement No. 333-50536)".

Hmm, since Jefferson Heritage Bank is still operating as a wholly-owned subsidiary I thought this was something new, but after some serious digging and some help from Sheila (spelled it right this time), I discovered that it was a reference to an agreement dated September 20, 2000. It was a typo.

If you mean, did I find anything interesting, well, no. My only concern now is why UPC hasn't increased the dividend despite significant growth in EPS. If the reason is because they feel they made a mistake in initially increasing the yield to be too high a few years ago, then there should be some sort of statement. I fear, however that the main reason is that there may have been too much putting off of writing down bad loans. The recession still hasn't "officially" caught up in the banking sector.

Now, having said all that, if I misunderstood your question please let me know.


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