The October Dinner Meeting of the New York/New Jersey Chapter of the Financial Managers Society was held at the Stony Hill Inn in Hackensack on October 21, 2009. Ben Plotkin, Executive Vice President, Stifel Nicolaus was the featured dinner speaker.

Featured speaker Ben Plotkin presented an Investment Banking Update at the October Dinner Meeting. (Click photo for larger image)

Ben has become a featured speaker at many previous Chapter events. Ben presented a very informative Investment Banking Update at the October meeting. Ben highlighted the current market environment noting the recent rebound in market indices in the broad market as well as among banking institutions. He noted that the financial markets have recovered significantly since reaching the floor during March. He also reviewed the current market environment and the issues currently facing the financial markets.

Members listen to Ben Plotkin's expert presentation at the October monthly meeting.
(Click photo for larger image)

Ben explained that although the economic stabilization phase is underway, the de-leveraging of the household sector and elevated unemployment suggest a U-shaped recovery lies ahead.

He then presented his observations regarding the capital markets with specific attention to the banking industry and discussed capital raising alternatives. Ben highlighted the current market for banks and thrifts in New Jersey noting how trading multiples have decreased from historically high levels. He also discussed the current merger and acquisition environment and reviewed FDIC assisted transactions.

Ben Plotkin explains potential financing alternatives at the October Dinner Meeting.
(Click photo for larger image)

Ben concluded by making the following assessments and predictions:

• A wave of bank consolidations is likely;
  
  
• Secular drivers will drive increased merger and acquisition activity;
  
  
• Value transfer will favor the acquiror;
  
  
• Serious "unintended consequences" will result from government intervention which will impact markets for years to come.

Members enjoyed a full course dinner in the adjoining dining room prior to the presentation.