First State Bancorp (fka FSNMQ)

[momentum74]

Link Just bought FSNM from the newsletter and bottom bounce setup

http://stockreads.com/Stock-Newsletter.aspx?id=17354

First State Bancorp. is a New Mexico based commercial bank holding company.
First State provides services, through its subsidiary First Community Bank,
to customers from a total of 40 branches located in New Mexico and Arizona.



It appears this company is grossly undervalued. Trading at a market cap of
only $12 million, the company has $165 million in cash and cash equivalents.
Furthermore, FSNM has a book value of $3.76 even though shares are trading
at only $0.56!



One analyst is currently following the stock with a "Moderate Buy" rating.
Insiders hold 4.14% of the shares while institutions hold 35.30%. Holding
$2.89 billion in assets, the company currently has $2.81 billion in
liabilities.



The bank is undercapitalized, however, and net loss has widened. While this
certainly warrants concern, the stock is trading for virtually nothing and
management believes the worst is behind them. Overall, this company is
certainly "One to Watch".