Four Oaks Bank & Trust (fka FOFN)

[Enterprising Investor]

My oversubscription commitment was 21,000 shares.

Received 1,937 oversubscription shares in addition to 300 basic shares. My average cost has been pushed down to $1.05 per share from $2.23 on the initial 100-share stake, so I have already locked in a nice paper profit.

Like I mentioned yesterday, I was hoping for something approaching 50 percent. Only getting a 9.2 percent allocation is bad for us but actually very good for the company.

We could have committed to buying even more shares. The result would have been more shares allocated to us. However, it would have taken more cash.

Plan B would entail buying more shares. However, there could be some downward pressure for a couple days as investors may take some of this profit off of the table. It may take a week or so for prices to level out.