CommunityOne Bancorp fka COB

[56Chevy]

FNBN is currently trading at a discount to the $16 per share paid by the new investors.

Roger that. At today's pps of $11.98 it would be a sizable 25% discount and a great entry price for investors if they were deciding to get in.

I do NOT see FNBN on the troubled bank list we use. I do see Granite at #178 however this list was put out just prior to merger complettion. They won't be on the next updated list.

http://bankimplode.com/list/troubledbanks.htm

Carlyle & Oak Hill will have a combined ownership of 49.8%. IRS Section 382 (Change of control) requires a new owner to own < 50% of the stock to take advantage of the NOL's. Considering FNBN met all regulatory requirements...completed the merger with GRAN...enlarged it's regional footprint...lowered operating costs...has the full use of NOL's going forward, what's not to like!

Now if the fed would only raise interest rates banks like FNBN will do even better.

This is not an endorsement to buy but if I were I wouldn't be afraid of this bank.