First State Bancorp (fka FSNMQ)

[Renee]

FSNMQ revoked:

http://www.sec.gov/litigation/admin/2014/34-71740.pdf

[AOuvier]

FSNMQ 0.0039 nice buys 0.0021x0.0039, not much holding her back to 0.02

[AOuvier]

FSNMQ 0.011x0.002, 0.002 tap, after nice hits @ 0.0018 +81.82%

[AOuvier]

FSNMQ 0.002 10K hits 3x times + a small 4K tap all on the ask! +185.71%

[AOuvier]

FSNMQ 0.0007x0.0033, +14.29% 0.0008 gone.

[JJL]

That's a shame to hear that New Mexico's banks are doing so bad. My family and I went to vacation in Ruidoso a couple of years ago. The mountains and scenery were great. A few miles away from Ruidoso we went and enjoyed the White Sands desert, my kids loved it! We also swung by Roswell and seen the Alien Museums lol, it was a fun time. Last but not least we went by Albuquerque and seen a Natural History Museum. It had a cool dinosaur exhibit.
GL,
JJL

[Entangled Proton]

I had hopes for this bank a couple years ago when the problems started. But the area is having an extremely difficult time. They retained some commercial loans but they're in trouble too.

I really liked these people and really hated to let it go when I resigned as mod. I like banks that can keep the small town friendly attitude. But I'm afraid more Banks will be going down in N.M.

[JJL]

Admiral,
Do you think there still may be some value in this stock?
Thanks,
JJL

[Entangled Proton]

First State Bancorporation's Bank Subsidiary Closed by New Mexico Financial Institutions Division

ALBUQUERQUE, N.M., Jan 28, 2011 (BUSINESS WIRE) -- First State Bancorporation (Pink Sheets: FSNM) announced today that its subsidiary bank, First Community Bank, was closed by the New Mexico Financial Institutions Division on January 28, 2011, and the Federal Deposit Insurance Corporation (FDIC) was appointed as receiver. First State Bancorporation (the "Company") is no longer the parent company of First Community Bank (the "Bank").
In a virtually simultaneous transaction, U.S. Bank National Association, assumed the operations and all of the deposits, and purchased essentially all of the assets of the Bank in a loss-share transaction facilitated by the FDIC and will continue to operate the Bank, according to an FDIC news release. Customers of the bank can expect all banking services and activities such as check clearing, ATM access, online banking access and others to continue uninterrupted. Customers who have questions about the foregoing matters, or who would like more information about the closure of the Bank, can visit the FDIC's web site located at http://www.fdic.gov/bank/individual/failed/firstcomm_nm.html, or call the FDIC toll-free at 1-800-450-5417.

http://www.otcmarkets.com/stock/FSNM/news

[Lucky_Charm$]

The most recent annual report, and if applicable, quarterly report, is available for First State Bancorporation
4:07a ET January 30, 2011 (Dow Jones)
The most recent annual report, and if applicable, quarterly report, is available for First State Bancorporation
First State Bancorporation: The most recent annual report, and if applicable, quarterly report, is available at no fee.
To order, visit http://djnewswires.ar.wilink.com/?link=FSNM or call 1-888-301-0513
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/nae/al?rnd=M6uj%2FnrTuAG0EYF7wJfD8g%3D%3D. You can use this link on the day this article is published and the following day.

[Yoda0629]

Anyone know news today ?

[mlkrborn]

Monday, July 26, 2010
First State Bancorp faces delisting
New Mexico Business Weekly


Related News

* Banks hit with major second-quarter losses
* First State Bancorp offers to buy securities
* First Community Bank reports Q2 loss
*
*

Find Executives

* First State Bancorp

The parent company of First Community Bank said Monday that its stock was being delisted by NASDAQ, effective at the open of business Wednesday.

First State Bancorp (NASDAQ: FSNM ) made the announcement in a filing with the U.S. Securities and Exchange Commission.

The stock closed at 36 cents per share Monday.

First Community lost $25.7 million in the first quarter, $110.5 million in 2009, and $153 million in 2008. It has been trying to raise capital to boost its reserves.

First Community President and CEO Pat Dee said the delisting was “another little bump in the road” for the bank, which has been under a regulatory order from the Federal Reserve Bank since the summer of 2009.

“The good news for our shareholders is that they can continue to trade the shares on the over-the-counter market,” Dee said. “This will not affect the day-to-day operations of the bank.”

The bank announced earlier this month that it had ended an unsuccessful effort to buy back $95 million in trust preferred securities at 15 cents on the dollar. The bank holding company announced June 9 that it was attempting to buy back the securities in an effort to rid itself of debt and recapitalize the bank.

The securities, bought by investors between 2002 and 2007, were used to capitalize the bank. The repurchase offer ended at 5 p.m. July 7.

In May, First State revised its first quarter financial statements to add $10 million to its loan loss reserves. That move dropped First Community’s ratio of total capital to risk-weighted assets to 7.53 percent, which put the bank into the undercapitalized category for federal regulatory purposes.

First Community is New Mexico’s third largest bank, with $2.7 billion in assets.

Read more: First State Bancorp faces delisting - New Mexico Business Weekly

[mlkrborn]

FSNM: EARNINGS REPORT: JULY 29 '10
https://wwws.ameritrade.com/cgi-bin/apps/Main

[tombrady12nh]

kick myself for not picking some up at .12 as a gamble.....

[Komando Robot]

Lets see how Monday goes.

[julian83]

Sorry, but this stock is dead, IMO!
And I also don´t believe that FSNM makes a jump up before the next numbers will release.

[tombrady12nh]

appears someone likes the news. I'm not sure if I understand it...

[tombrady12nh]

News out

[tombrady12nh]

Mr. X,

Given our current capital ratios it is unlikely that the bank will be seized by the FDIC. The bank is currently classified as “undercapitalized”. The next lower classification is “significantly undercapitalized” and then ultimately “critically undercapitalized”. At the critically undercapitalized level the regulators are required seek a solution through requiring additional capital, a buyer for the bank, or seize the institution within 90 days. This does not mean they can’t take action sooner if they deem the depositors to be in jeopardy, ie a lack of liquidity at the bank. Clearly any financial institution that is having capital issues is better off communicating openly and often with their primary regulators about steps that are being taken to restore their capital position.

Chris

[dumchit]

anybody attend the shareholder meeting??? Any news or announcements?

[buzzbomb]

Problem is they will be delisted unless they cut a deal. They need 10 consecutive days above $1.00
Wasnt it June 6th or something. Look out on this one.

[tombrady12nh]

This Mgt team needs to act, now IMO

[dumchit]

Look as FSNM's chart it set up for a big move up. Any volume of any kind and this thing is off to the races.You do not see a chart like this very often.

[tombrady12nh]

How long is the "Blackout" period? I was told that the BOD and Mgt can not buy while FSNM is seeking capital.

[dumchit]

Wbhat is being done to keep from being delisted?

[knm_2]

Questions I will ask should I attend the shareholders meeting.


First question who was responable for approving the loans that went bad. And are they still with the company if so why?

Second question what are you doing to boost shareholders value?

Third question will we have a merger or buyout?

Anyone wanting to add feel free.

[knm_2]

tombrady did you sell on the last run?

Shareholders meeting June 4 will you be attending? Maybe Pat will come up with a plan. I to hope for some type of merger news or buy out. I plan on making the meeting hope to see you there.

[liketotravel]

Best to stay away. IMO, they could be closed by the FDIC at any time now.

http://albuquerque.bizjournals.com/albuquerque/stories/2010/05/17/daily7.html?ana=yfcpc

The revision also means that First Community's ratio of total capital to risk-weighted assets has dropped to 7.53 percent, which puts the bank into the “undercapitalized” category for federal regulatory purposes.

First State (NASDAQ: FSNM) has been under a written regulatory agreement with the Federal Reserve Bank since the summer of 2009.
First State said in April that the erosion of its capital and the deterioration of its loan portfolio made it unlikely that the bank would be able to maintain its “adequately capitalized” status with the FDIC without raising more capital, selling assets, merging with another firm, obtaining government assistance or some combination of those things.

[julian83]

Is this great for a re-entry? Or stay away from this stock?

[liketotravel]

First State restates earnings, boosts loan reserve
NEW MEXICO BUSINESS WEEKLY

First State Bancorporation, parent company of First Community Bank, said Monday that it is revising its first-quarter financial statements to add $10 million to its loan loss reserves.
That adjustment, the bank said, meant that its loss for the first quarter rose to $25.7 million, or $1.24 a share, from the originally reported $15.7 million.
The revision also means that First Community's ratio of total capital to risk-weighted assets has dropped to 7.53 percent, which puts the bank into the “undercapitalized” category for federal regulatory purposes.
Prior to Monday's announcement, First Community had $120 million in loan loss reserves. Now, it has $130 million, president and CEO Pat Dee said Monday. Of that, though, federal regulators are allowing only $25 million to be counted toward its total risk-based capital ratio, Dee said.
“The additional provision for loan losses was deemed necessary to appropriately recognize further declines in the value of real estate securing nonperforming loans based on recently received appraisals,” the bank said in a statement.
First State (NASDAQ: FSNM) has been under a written regulatory agreement with the Federal Reserve Bank since the summer of 2009.
First State said in April that the erosion of its capital and the deterioration of its loan portfolio made it unlikely that the bank would be able to maintain its “adequately capitalized” status with the FDIC without raising more capital, selling assets, merging with another firm, obtaining government assistance or some combination of those things.
Read more: First State stock slumps on loss, capital concerns - New Mexico Business Weekly
The company said then that it had submitted a recapitalization plan to federal regulators, but it had not yet been accepted “due to uncertainty of our ability to execute the plans.”
Since increasing the loan loss reserve put First Community into the undercapitalized category, the bank will have to submit a new capitalization plan to regulators, Dee said.
First Community is New Mexico's third-largest bank, with deposits of a little more than $2 billion. It ranks behind Wells Fargo Bank, with $5.26 billion, and Bank of America, with $4 billion, according to the FDIC.
First State shares closed at 54 cents on Monday.


Read more: First State restates earnings, boosts loan reserve - New Mexico Business Weekly:

[tombrady12nh]

:) nice job

[julian83]

I am glad that i sold last friday @1.18! At the end it was a air-filled stock. Before the next Q's will release I'll buy again.

[tombrady12nh]

fingers crossed-a merger here is still possible. IMO

[tombrady12nh]

someone dumped, guess we should have sold at the peak the other day........ Oh Well, gonna ride this one out. GLTA

[tombrady12nh]

no worries here Tony, I see some positives in the report. I will hold, next Q should be much improved.
Cheers

[Tony Jeletonev]

I read the earnings report and it isn't looking very good though. Of course a bit of improvement if we compare to the last one from january..but they are not out of trouble as of now.

[-ABC-]

it doesnt exactly matter now/due to the massive profit-taking plus people probable daytraded this one for the most part..<>idk

[Tony Jeletonev]

Hi Tom..what to expect from FSNM today?..Hmm..earnings..I hope we get good news !

[tombrady12nh]

:)

[tombrady12nh]

Have a great weekend everyone

[tombrady12nh]

gotta love JW being here! VERY GOOD SIGN

[tombrady12nh]

GO FSNM

[tombrady12nh]

JW-Go Play somewhere else, nobody likes you.

[JohnnyWinter]

Exhibit 23

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors

First State Bancorporation:

We consent to the incorporation by reference in the registration statements on Form S-3 (333-17727 and 333-156517) and Form S-8 (333-3048, 333-92795, 333-83132, 333-107061, 333-131642, and 333-145816) of First State Bancorporation of our report dated March 31, 2010, with respect to the consolidated balance sheets of First State Bancorporation and subsidiary as of December 31, 2009 and 2008, and the related consolidated statements of operations, comprehensive income (loss), stockholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2009, which reports appear in the December 31, 2009, annual report on Form 10-K of First State Bancorporation.




Our report dated March 31, 2010 contains an explanatory paragraph stating that First State Bancorporation and its subsidiary First Community Bank (the “Bank”) entered into a written agreement, dated July 2, 2009, with their primary banking regulators that among other things, restricts certain operations, and requires the Company and the Bank to maintain sufficient capital and to submit a capital plan. The capital plans for the Company and the Bank were not accepted by their primary banking regulators. Further declines in their capital ratios or failure to maintain sufficient capital could expose the Company and the Bank to additional restrictions and regulatory actions, including being placed into a FDIC-administered receivership or conservatorship. These matters raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.



KPMG LLP

Albuquerque, New Mexico

March 31, 2010



http://sec.edgar-online.com/first-state-bancorporation/10-k-annual-report/2010/03/31/section37.aspx



Congrats to those who sold , and I would recommend selling soon before it drops like a rock again. It is actually sad to see the runs-up in all of the small regionals as "they" have created an endless amount of bagholders due to the upward manipulation.


******************************************************************************************************************

[Tony Jeletonev]

I think that FSNM will surprize many people ..I am holding my shares and waiting to see what they have for us

[julian83]

I´m out!! But good luck to all who decided to stay in...!!

[meffi]

got in today. lol. hope I did not make a mistake but was lucky with ABK too. so I will see.

[tombrady12nh]

me too bro, let's hold hands and jump! lol Here is too Mgt saying the worst is behind us-our holdings will jump into the 3-4 dollar range. GO FSNM

[tombrady12nh]

me too bro, let's hold hand and jump! lol Here is too Mgt saying the worst is behind us-our holdings will jump into the 3-4 dollar range. GO FSNM

[Tony Jeletonev]

I'm holding here