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It had to be done 56'. Way too many great buy opportunities out there to turn a small pile into a large pile. I appreciate the props.
I appreciate the encouragement Salty. A couple years ago there weren't very many who wanted to discuss small banks and now we have a superb group of guys sharing all kinds of info/insights. I thought creating the Bank Recovery Room board was an excellent idea (well done Joeysco).
I think the key to being real successful on these small bank investments will be determined by a persons willingness to hold long ...and hold tight. It took less than 2 years for these banks to fall from their historical highs and the climb back up has taken much much longer. Its a slow process and the road is littered with hundreds of banks that failed along the way but as I said I think investors of these surviving banks will be rewarded over time.
Best of luck to everyone!
56Chevy's posts are a library of DD that can be very useful for a number of sectors*, not just banking. I like his objective no BS approach to imparting info. These other guys are great too and I'm very proud to be associated with them in researching ACBC as well as dozens of other banks. I think this regional banking sector is going to prove to be one of the biggest money makers in the stock market.
* I've heard that you're probably barking up the wrong tree if you ask him anything about mining stocks. lol
Northeast Portland Community Development Trust is the parent company of Albina Community Bancorp. So IMO, that's where most of the 1.07 mil outstanding shares are located and will be purchased by One PacificCoast Bankcorp. 90%?
http://www.hovdegroup.com/resources/news-and-updates?recid=59
http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=ACBC
Albina Community Bank - Portland, Oregon - SNL Financial
www2.snl.com/irweblinkx/od.aspx?iid=1024752?
President and Chief Executive Officer, Albina Community Bank ... Chairperson of the Northeast Portland Development Trust, the Company's largest shareholder ...
http://www2.snl.com/irweblinkx/od.aspx?iid=1024752
I think the bulk of the ACBC 1.07 mil latest known outstanding (maybe 90%) is owned by insiders and community people per the following excerpt and link from the Albina website. So that leaves a very tiny trading float IMO. With today's stock buys at $.23, that leaves a VERY low market cap of about $250K given the prospects of a buyout/merger bringing a combined asset base of about $1/2 bil with profits.
Albina History
Albina Community Bank opened in December 1995 to help our Portland neighbors realize their dreams, inspirations and successes. Initially funded with a neighborhood settlement with PacifiCorp and support from investors throughout our community, Albina Community Bank opened in December 1995 to help Portland neighbors and neighborhoods realize their potential and their successes. While today's shareholders include Legacy Emanuel Hospital and Meyer Memorial Trust, the bank is truly owned by the people of Portland through the NE Portland Community Development Trust and hundreds of individual shareholders who live throughout our local neighborhoods- those who care the most about our local communities.
http://albinabank.com/company/history.cfm
i believe there are preferred too.. trying to get clarification from IR
Those are the numbers I've been going from. I can't imagine it has changed much or any since then. Just take a look at the chart history... There wasn't a specific day that stands out as a day of dilution or 'dumping' of shares. Just a slow and steady decline to the eventual trading sideways action we're currently experiencing. Just my take on it.
current o/s(?), "1,073,310 " -> http://www.snl.com/irweblinkx/file.aspx?IID=1024752&FID=16005621
does anyone know 'if' the insiders own(ed)/control(led) 90% of the current outstanding shares?
56Chevy, I'm not discounting the possibility or fact as you suggest that If a merger is how this plays out for ACBC that there will be new shares issued but the dd suggests this is a different type of bank with a different type of owners who have the personal financial resources to bypass the standard fund raising thru stock that the typical companies do on Wallstreet during recapitalizations. I have to consider other possibilities based on what I see in the dd. I never said in my post that they would not be taking the "voting right" shares from Albina as I have also read that will happen. I think those voting shares are currently held by Albina Bank's Holding Company Albina Community Bankcorp.
We know that Kat Taylor and Tom Steyer started One PacificCoast Bankcorp with their own money. It is currently private. We also know that the voting shares of One PacificCoast Bankcorp that were owned by Kat Taylor and Tom Steyer were given to One PacificCoast Foundation as a "donation" in order to pass on the legacy of how they want the bank to operate in the future. I assume they will do the same with Albina's "voting shares."
When the bank was created, the founding team donated all the economic shares to the One PacificCoast Foundation. That means the Foundation owns all of the economic rights of the Bank -- when profits of the Bank are distributed, they can only be distributed to the Foundation which is mandated to reinvest those proceeds back into the communities and the environment on which we all depend. In our theory and experience, this ownership model aligns our incentives with the triple bottom line and the values of our bank customers.
http://onepacificcoastbank.com/beneficial-banking.aspx
The 90% offer is likely a $financial infusion to shore up the operations to meet the Federal requirements and then some. Not a gift but an exchange for the voting shares of Albina's Bank Holding Company Albina Community BanCorp. And, likely the 90% represents the purchase of the common shares as I have read in a link somewhere. So I have to ask whether issuing more shares is necessary when the primary insiders are not noted to be folks that take but give. Again, this is an unusual set-up given the wealth and Philantropic goals of Kat Taylor and Tom Steyer rather than a goal of getting richer by issuing a bunch of new shares.
We will have to see how this plays out but I'm inclined to believe little or no change to the share structure. But that is speculation on my part.
thanks.. i've seen most of you around as i peak at most of Chevy's posts .. great group you guys have and i like your bank investing style
anxiously awaiting 'official details' upon closing
g/l!
Welcome to the ACBC board db7. We're glad to have you with us.
Good stuff and TY for posting.
ACBC
We can't be certain what the OS are w/o recent filings
'if' they acquired 90% of 'the shares' that would be one thing BUT I don't believe that to be the case.
'if' they acquired 90% of the shares.. then 'it is possible' that the share structure 'might' not change
but if they didn't acquire 90% of the shares then there is most definitely dilution coming.. how much remains to be seen
i bought more on the the merits of the R/M vs the bank play itself as i love to play shells and r/m's
with them having 90%, i'm assuming the pre-merger shares will probably end up owning 10% of combo company
either way, this way way too cheap imo
kind of hard to dd since it's non-reporting~
Good work on finding links to read and share with everyone but think about what you're saying.
Who would buy 90% of a company for the sole purpose of gaining control and then not want shares with voting rights in return? What would be the point? How do you prove ownership & control without shares issued in your name?
Is the 90% offer a "gift"? Hardly.
If a R/M happens shares will be issued...millions of them...count on it. But that in of itself isn't all 'bad'. Long term it will go a long way to help insure these banks survive...short term it will most likely turn a negative book value number into a positive one.
A merger among equals would be a good move for these banks...and that we can all agree on!
Good luck!
I hear ya RJ. I think your speculation may be spot on. It would only make sense for them to buyout the Albina shares with their own money and build value in a Big Way with this tiny share structure... Seems like a great plan to me. I'm hoping for this situation to pan out in our favor... I like our chances!!!
Extremely tiny share structure for a bank in comparison to most others. We can throw all kinds of numbers around IF the merger happens but we clearly see a combined bank of about $1/2 bil in assets. The question I have is will there be more shares added as another poster suggested or my possible theory is Kat Taylor and husband Tom Steyer will just infuse personal $ capital for the 90% stake from One PacificCoast BankCor into the new combined One PacificCoast Bank/Albina Community Bank coffers without adding new shares? They certainly have the $s to do that. If that is the case, then the share price will be substantial IMO.
Just speculating here as I just don't know how they will structure the 90% buyout.
Great Articles RJ! Kind of makes an investment in this look like a no brainer... Especially after the .23 have been taken out and .35's are revealed! Over 40k in volume is a big day with this tiny share structure!!!
Quite the grab here today!
That's what logic would dictate.
One PacificCoast will add two members to Albina's board as part of the deal. It seems One PacificCoast BankCor founders Kat Taylor and billionaire husband Tom Steyer may be the new Albina board members after they take the common stock 90% stake IMO.
http://www.americanbanker.com/issues/178_21/one-pacificcoast-to-buy-90-percent-stake-in-oregon-bank-1056330-1.html
http://www.sfgate.com/bayarea/article/Couple-invest-in-social-change-not-scene-4303535.php
joined u guys today @ .23 .. i like the potential for rm and the high % insider ownership
Nothing happens to the legacy shares of ACBC if a merger were to take place. You will see dilution but the shares remain intact.
The banks haven't officially said yet that they intend to do a reverse merger...however there really wouldn't be much point in OPCB buying 90% of ACBC if they didn't have a R/M in mind.
Both of these banks need "help" ...aside from a straight cash infusion (which would be the best form of help) they can also help each other out by consolidating.
That consolidation would give them further options down the road to find additional help if needed.
This site could help with some of the questions we have about a merger, stock, etc.
http://www.wib.org/publications__resources/directors_resources/directors_digest/may13/gulash.html
That is what I found as well RJ. Real question is, what will happen to the commons in the takeover/merger?
Correction to previous post. The latest information I've been able to find indicates only about 1.07 mil outstanding shares.
IMO, I wouldn't be surprised to learn that there are only approximately 125-150K in the trading float. Keeping in mind as I have read that OPCB is supposed to be buying 90.1% of the outstanding. The latest information I've been able to find indicates only about 1.07 outstanding shares.
I guess its not a bad idea to bid sit for a few more if there is a seller.
Alas, it wasn't me. Someone else lucked into those cheapie shares. I was missing in action all day. I might try to get a few shares of ACBC tomorrow.
Not me but whoever sold at this level ,he will be sorry i guess
Hmmm someone finally let some shares go to the bid on this one... anyone get those?
Thanks man. Hopefully the best case scenario presents itself and whoever grabbed shares here turns a nice profit...
Good luck bro..Honestly I have been following this very long time but no shares so far...
Good Morning bro. I'm not sure exactly what may happen here... but I like my chances. It's exactly the reason why I've accumulated a nice chunk of shares. I hope to grab a few more before 'The Deal' presents itself.
Good morning All
We have a lot of banks on our radar that can hopefully do the same....
The Bank Recovery Room is a great place to see some of these turnaround opportunities.
http://investorshub.advfn.com/The-Bank-Recovery-Room-26693/
Good Answer Salty!
There are a number of regional banks that can boast of some very nice success stories. It won't happen overnight but I think ACBC is going to be one of them.
Come join us in The Bank Recovery Room if you get the chance.
Last time I almost bought OXBC...the stock was at twenties..check this out right not
That is a rather broad question but maybe this will help. We are hoping/expecting for ACBC to either heal itself by itself or heal by way of a reverse merger with another bank, OPBC. As a great bankresearcher/philosopher/allaroundniceguy once told me, a reverse merger between the two is certainly possible as well as probable and would also be superior to ACBC trying to heal itself. A merger would save a ton of money for both banks. There would no longer be a need for two CEO's, two CFO's, two corporate headquarters etc. The problem is that neither bank is at optimum health to say the least but are getting better, so the question becomes, where will the money come from to put together a reverse merger? I do think chances are good that ACBC will survive regardless of whether there is a merger or not and is well worth keeping on your radar.
Could you guys tell me what u are expecting thx
One PacificCoast Bank isn't publicly traded. What are the chances and is it even possible, for them to include their operations under this single ticker symbol?(ACBC) If that is an option it would be sweet... Once again is that even possible?
I like the chances here as well. Plan on getting into those fins this weekend.
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