Question-and-Answer Session
Operator
(Operator Instruction) Your first question comes from Scott Siefers - Sandler O'Neill.
Scott Siefers - Sandler O’Neill
I guess the first question on capital. I mean obviously the exchange was very, very successful, but you note in the release still looking at additional alternatives to boost up the capital base. I guess we know about the Cap application kind of -- maybe if you can help frame how you guys are looking at the capital level. What else you might look at and maybe how much do you think would be appropriate that kind of thing.
Charlie Christy
Scott this is Charlie. You didn’t mention that as we already have our number of proxy we continue to explore a number of alternative, and from the capital strategy standpoint though we always need to keep in mind, the Michigan economy two-three years out and its continued impact on our balance sheet, and that’s always top on our mind.
Secondly, we got to think about over time what the regulatory environment is going to be like and whether rhetoric comes from DC about bank capital levels and how that evolves, and that’s a constant changing perspective, but then lastly somewhere down the road we need to think about our plans over time in regards to exiting the entire program.
So those are the factors that we would take into consideration as we do explore a number of alternatives. When it comes to the cap application we continue to answer questions related to that but at this time we have nothing else to report on that.
Scott Siefers - Sandler O’Neill
I guess I was curious a little about M&A. I mean obviously Michigan is pretty stressed and I had imagined as we move forward here there will be a number of smaller names that might come up for kind of FDIC assisted deals, and the way you can do it bargain purchase that can actually help their acquirers capital base as well. I wonder if you guys could talk a little bit about your interest in that kind of dynamic as well.
Charlie Christy
We do recognize the potential opportunities that are out there, but not stated just in the past, we do normally openly discuss our acquisition strategy, and if you think about it that’s in line with how the FDIC is now handling things today anyway, but we do see that there maybe a number of opportunities in the future that we may or may not consider as we look at it in our footprint.
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