I agree with you.

The article mentions other Canadian banks looking to go into/expand to the US for growth, but it doesn't consider what it will cost to achieve growth.  The cost to acquire US financial institutions is high and the CAD isn't anywhere near par.  The best time to buy US banks has passed.  The ideal time would have been when the CAD was strong relative to the USD and American financial institution stock values were beat up by the mortgage meltdown and US recession.  Sure Canadian banks could start from scratch and open up their own banks in the US but it would take a long time to achieve any level of scale and the competitive landscape in the USA makes it more difficult to capture market share.

I own the stock as well