And CEO Ron Hermance tells Fast Money that his company's future looks bright. “There are fewer banks to finance houses in the New York metropolitan area and that’s led to increased volumes for us” he says on CNBC.
Hermance also suggests that a large potion of bank's success stems from the fact that it’s a regional firm focused on the New York area. "We’re going through a geographic recession," he says. "If you isolate 7 states Michigan, Ohio and Indiana which are auto related and Florida, Arizona, California and Nevada you pretty much have isolated where the housing crisis is centered."
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Trader disclosure: On Aug 15, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Quint Tatro Is The Principal Of Tatro Capital: Tatro Owns (C), (GS), (JPM): Tatro Capital Owns (EEV), (INTC), (QQQQ), (SMN), (SPY), (SSO), (UYG): Najarian Owns (HD): Najarian Owns (AAPL) And Is Short (AAPL) Calls; Najarian Owns (CSCO) Calls; Najarian Owns (HCBK) Puts; Najarian Owns (TSO) and Is Short (TSO) Calls: Seymour Owns (AAPL), (EEM), (MER), (TSO) : Seygem Asset Management Owns (EEV): Terranova Owns (YHOO), (AAPL), (RIMM), (INTC), (GS), (GOOG), (CME), (IYT),(BNI), (SU), (SA), (VLO), (KOL), (POT), (X), (FCX), (NOV), (EOG), (XLF): Terranova Is Short Crude Oil Time Spread (Short Dec. 2008, Long Dec. 2012): Terranova Owns Dec. 2012 Crude Oil
Terranova Is Chief Alternatives Strategist Of Phoenix Investment Partners, Ltd.: Phoenix Investment Partners Owns More Than 1% Of (ABD), (ARE), (BRE), (CNTY), (CLB), (OFC), (DLR), (ESS), (EXR), (FL), (IAT), (IGE), (LNET), (MAC), (OIIM), (PSPT), (DBC), (DBV), (SLB), (SKT), (BLV)
Terranova Is Co-Portfolio Manager Of The Phoenix Diversifier PHOLIO
Phoenix Diversifier PHOLIO Owns (IGE), (DBC), (DBV)