California International Bank (CAIB)

[Lazarus]

lol... what we hacve here is a "failure to facilitate".

They opened another branch and to keep on track with their losing record --- with two branches - instead of losing like around a million bucks on the year ---> they doubled their losses to over 2 million on the year. lmao

over 170 million shares OS now. I figure they will be doing a reverse split eventually.

[SaltyMutt]

Well, I guess we don't have to worry about the CAIB pps blowing past the buck level anytime soon. LOL

[Lazarus]

Now they have 2 branches so instead of losing ~ a million bucks a year its close to double that.

[Lazarus]

yep.

[SaltyMutt]

If CAIB could ever figure out a way to show a cent of profit, I think the pps would move to the 50 cent level, at least.

[Lazarus]

Another losing quarter. Hoping they will begin to turn this around. I added 10k shares yesterday at .08

[Lazarus]

Big loss for the year: over 1.7 million!

[SaltyMutt]

CAIB

If California International Bank could just figure out how to have a break even quarter I think the pps just might explode!

https://banktracker.investigativereportingworkshop.org/banks/california/westminster/saigon-national-bank/

[Lazarus]

This is old news but since it was released the bank has:

received the capital infusion
paid off its TARP obligation
restructured its board.

OS shares are now 170,431,060

Book Value is a little over .09 per share.


Bank is still bleeding. I think last call report showed ytd losses of ~ 1.3 million.

They have 2 branches now, have scaled back employees, and are working on bringing the bank up to date with technology.

Can't say its time to buy yet but it certainly looks like they may make a turn around. This year's losses will look ugly... and I suspect act least the first 2 quarters of next year will also be losses.

currently at .06 x .08

I suspect if losses continue for the next 4 quarters that BV is likely to drop further.

Watching and waiting.

[Lazarus]

Opened another branch... still losing money.

[Lazarus]

Looked over the last call report...another dismal quarter with losses.

[Renee]

Saigon National Bank, SAGN, changed to California International Bank, CAIB:

http://otce.finra.org/DLSymbolNameChanges

[Lazarus]

THIS CANT BE GOOD --->

Saigon National Bank in Westminster at center of drug money laundering operation, feds say

[Lazarus]

Another losing quarter for this TURD.

for the full year lost over 1.162 million.

Add to that they still owe a million dollars to the FDIC

[Lazarus]

at 13 cents SAGN would have the same market cap as MBNC which is making millions... SAGN report shows them down over 900k for the year. I suppose the good thing there is no selling.... otherwise it would probably be a 3 cent stock.

[illegal_alias]

You're right about MBNC. Today's call report shows $4.762 million for the first 9 months. Stock price starting to move up.

[Lazarus]

I looked at SAGN's last call report and they are still losing money. Fairly well capitalized though so I dont think there is any concern of the bank being shut down by the FDIC. That might have/ could have possibly happened 4 years ago... but I dont see it in the cards.

I added 10k share @ .105

Also added to my position in MBNC @ .75. Now that bank is MAKING BANK ... they made over 1.5 million for the first 6 mos of the year which equates to something like 14 or 15 cents per share. It will go into the dollars... but it will take time. Its a 3-7 year hold for me.

[Lazarus]

I say up from here. I just took 20k @ .15

[iggles22]

Wow....what happened here?

[DonBonnable]

This doesn't look good.

http://www.calculatedriskblog.com/2010/09/tarp-deadbeat-list-grows-to-more-than.html

[boca_bobby]

Hello all,

Welcome to the SAIGON NATIONAL BANK (SAGN) Board. There will be more info to follow.