Albina Community Bancorp (ACBCQ)

[Huggy Bear]

Any word on the street out?

[Ron3955]

Yeah. It's coming from NITE mostly. Yesterday for a while NITE had a .385 bid. Today 1k traded at .40 and next up to the plate is .64 on the ask. I agree with Salty, a move up in the bid and ask may set in soon. Maybe the deal is getting close to closing and NITE is jockying for position when it's announced.

[BigCat]

The bid has been bouncing all over the place lately...

[SaltyMutt]

I get the feeling that the ACBC pps is going to hit .50 pretty soon.

[BigCat]

Lucky me, I picked up 100 shares on the bid today. Haha

[BigCat]

Good info Chev... Thanks!

[56Chevy]

On average bank mergers/acquisitions take 9 months to get a stamp of approval.

[rjbluesky]

I'm seeing from the 2Q news release the following o/s share base. 1,073,310. Excerpt from the news as follows:

basic and diluted 1,073,310 1,073,310 1,073,310 1,073,310 1,073,310
Actual common shares outstanding 1,073,310 1,073,310 1,073,310 1,073,310 1,073,310

[rjbluesky]

2Q loss not too bad at $113,000 and $.09 per common share and keeping in mind this is prior to the injection of capital and 90% outstanding stock buyout by One PacificCoast Bankcorp. So if all happens this quarter, then Q3 should be in great shape. I noticed loans are increasing which bodes well for future deposits as the economy continues to improve.

[SaltyMutt]

This was a nice report. ACBC is going to have a pps well above a buck by the end of the year.

[BigCat]

Albina Community Bancorp Reports Second Quarter 2013 Results

http://www.4-traders.com/ALBINA-COMMUNITY-76859/news/ALBINA-COMMUNITY-Bancorp-Reports-Second-Quarter-2013-Results-17196298/

"The regulatory agencies continue to review the proposed transaction and work through their list of questions and information requests," reported Cebula. "Management at both OPCB and Albina Community Bank remain confident that the transaction will be approved and the Bank will receive the much needed capital injection."

[rjbluesky]

I'm thinking before the end of summer we see how they put the OPCB and ACBC final deal together.

[BigCat]

August is almost half over... Still nothin' on 'The Deal'.

[BigCat]

Good questions with little to no certainty in what their plan is with this Deal.
I'm thinking that's what their plan is... But again we can't be certain. I'm waiting it out and I won't hesitate to add more if possible. I've said it before, I like my odds here.

[Huggy Bear]

The philanthropic nature of these folks is why I bought in despite the obvious uncertainty. If GS was behind this I wouldn't come anywhere near it lol.

Now, what is the fair value of a share of ACBC considering the debt to asset ratio in the case of a philanthropic buyout of the remaining float?

I prefer the bank stays public but who knows? Best case scenario would be a combination of all the banks into a new public trading entity under the ACBC shell.

Well, shell is not the right term exactly being as we have operations but you get the drift....

[BigCat]

I enjoyed the closing paragraph.

'Steyer and his wife, Kat Taylor, joined Warren Buffett, Bill and Melinda Gates and other high-wealth Americans in the “Giving Pledge,” a promise to donate the majority of their wealth to charitable and nonprofit activities during their lifetimes. He and Ms. Taylor created and funded the Oakland-based One PacificCoast Bank and Foundation, which provides loans and banking services to underserved small businesses, communities and individuals in California and along the west coast.'

[Huggy Bear]

Here's to hoping Kat and Tom will be philanthropic with us come takeover time !!!

[BigCat]

Recent Article I stumbled Upon.

http://www.csrwire.com/press_releases/35960-Wall-Street-Insider-Turned-Environmental-Campaigner-Tom-Steyer-to-Keynote-24th-Annual-SRI-Conference-on-the-Future-of-Investing

[SaltyMutt]

It was nice to see that ACBC was green this last quarter even if it was only 12K. I take that as a sign that the bank continues to improve and better days are ahead.

[rjbluesky]

db7. lol. Thanks for the correction. Wasn't paying that close of attention to the $ amount before posting what my calculator told me but did notice the trade.

[db7]

400 shares x .335 = $134 traded this morning

[rjbluesky]

Someone picked up $12K worth of ACBC stock this morning. Finding shares in this low o/s (approx. 1.1 mil) stock appears pretty tough. And it will get tougher to find loose shares IMO when OPCB acquires 90.1% of the outstanding.

[rjbluesky]

I have not read anywhere where the deal has been approved by the banking regulators. The One PacificCoast BankCorp and Albina Bank deal agreed to in January is subject to regulatory approval as the following news link indicates at the bottom line. IMO, we should be getting close to the 90% buyout approval and cash infusion.

http://www.bizjournals.com/portland/news/2013/01/30/albina-bank-sells-majority-stake.html?page=2

[db7]

am i missing something as i was not under the impression that the 'transaction' with One PacificCoast BankCorp had officially closed(?)

[rjbluesky]

I noticed that yesterday and the bid was raised from .205 to .21. Bloomberg shows the next earnings announcement on
Aug 9.

http://www.bloomberg.com/quote/ACBC:US

I don't expect the second quarter to be great and maybe still negative due to restructuring write-offs late last year but I suspect there will continue to be great improvement in the financials after the cash infusion from One PacificCoast BankCorp. The market cap for this 1.1 mil o/s is ridiculously low at a bit over $200K.

[BigCat]

Someone backed off the ask, @ .40 again.

[Huggy Bear]

It wasn't me, but apparently .21 is a good price to bid-sit at....

[BigCat]

Looks that way. We've seen big trades in both directions now... releasing on the bid and hitting the ask... pretty much in the same price arena too.

I'm willing to be as patient as I have to be. Whether it happens tomorrow or at the end of winter 2014 I'll still be here. I bought my shares with perspective that this will turn out as a positive.

[rjbluesky]

Not me but someone must have given up waiting and needed the cash. Timing this one will be tough IMO. Anything can happen at anytime.

[BigCat]

Welp, I hope that whoever scooped up those shares today turns a huge profit with them. I have a feeling it was some people on this board... anyone?

[Huggy Bear]

This is a rare case where hearing crickets is actually a good thing. None of us who own this can say 100% it will pan out for us, but I like the risk/reward scenario better than most dark merger situations because of the players involved and the unique situations this merger presents for the new entity to take publically should that indeed be the gameplan.

It makes sense to all of us, but that's no guarantee it will go down that way.

[BigCat]

I'm surprised we haven't received any new information yet.
If it holds off until the beginning of August I may slap the ask or bid sit for some more shares...

[Huggy Bear]

Thanks for your valuable input.

[rjbluesky]

I don't see many similarities between Albina and GFLB. I believe GFLB shares are being bot out lock stock and barrel and Albina is supposed to get a cash infusion from One PacificCoast BankCorp for a 90.1% acquisition of the voting shares and/or outstanding stock and will continue operating under the name of Albina. Albina is a community bank and GFLB is not but is being bot by a community bank. GFLB is a much larger bank but also has more shares outstanding than Albina. However IMO, Albina and GFLB were both in need of a merger or buyout or cash infusion to help speed up their recoveries from the banking collapse just a few years ago.

[Huggy Bear]

What are the similarities between Albina and GFLB? Thanks.

[BigCat]

Great Video RJ!!!

It's now 18 days beyond the end of the 2nd Quarter, any thoughts as to what's going on behind the scenes?

[rjbluesky]

Interesting Tom Steyer interview link.

http://www.givesmart.org/Stories/Donors/Tom-Steyer

I also find this interesting. It appears they will make One PacificCoast Bank a "nonbank thrift" subsidiary. And, they will buy 90% of the "voting shares of ACBC. Are these special shares owned by the holding company of ACBC and the current share structure remains as is or is it 90.1% of the current outstanding as I read somewhere that Outstanding Shares is what they will buy 90.1%?

FEDERAL RESERVE SYSTEM
Formations of, Acquisitions by, and Mergers of Bank Holding Companies; Correction

This notice corrects a notice (FR Doc.2013–03831) published on page 11884 of the issue for Wednesday, February 20, 2013. Under the Federal Reserve Bank of San Francisco heading, the entry for One PacificCoast Foundation and One PacificCoast Bancorp, Inc., both in Oakland, California, is revised to read as
follows:

A. Federal Reserve Bank of San Francisco (Gerald C. Tsai, Director, Applications and Enforcement) 101 Market Street, San Francisco, California 94105–1579:

1. One PacificCoast Foundation and One PacificCoast Bancorp, Inc., both in Oakland, California, to become bank holding companies by acquiring at least 90 percent of the voting shares of Albina Community Bank, Portland, Oregon. In connection with this application, Applicant also has applied to retain voting shares of One PacificCoast Bank FSB, Oakland, California, and thereby engage in operating a nonbank thrift subsidiary, pursuant to section 225.28(b)(4)(ii).

http://www.gpo.gov/fdsys/pkg/FR-2013-03-08/pdf/2013-05388.pdf

[Huggy Bear]

It's going to be very interesting to see how this whole merger goes down. Hopefully the new combined entity uses the ACBC listing to become and new and improved publicly traded entity.

[BigCat]

Gets your gears churning a little bit more doesn't it? Seems like there's more to it than the early press releases eluded to... Or it's just their vision for their bank future.

[rjbluesky]

I agree and wish I was a fly on the wall in the meeting rooms. Hoping for some news of the buyout soon.

I like this quote a lot from the following Feb 22, 2013 article regarding One PacificCoast Bank and the article also discusses Albina Community Bank.

“In the worst banking environment in many years it’s doing very well,” Kieschnick said. “It’s growing. It’s on the way to be a very big, high impact institution.”

http://www.bizjournals.com/portland/print-edition/2013/02/22/atypical-banker-kat-taylor-props-up.html?page=all

[BigCat]

I'm getting anxious on this one RJ!
Although I wouldn't mind it holding off for a bit either so I can collect some more ask change.

[BigCat]

Agreed. If I had the buying power I would knock it down in an instant. haha
The news on this could drop any day now...

[rjbluesky]

Just not many shares in the float if one looks at the trading history for the past several months. I bet someone soon will blow right thru that $.35 without blinking an eye. The finalization of the 90% buyout was supposed to be in 2Q. Looking forward to seeing the details.

[BigCat]

Someone plopped a 35k Road Block at .35.
Wonder if someone will come along and chew Em up like they did those .20's?

[alen121]

Something is cooking..

[BigCat]

New 52wk high tapped here today!

[BigCat]

I have a feeling that in order to dance here we're gonna have to hit the ask. News on 'The Deal' may drop any day now. Looking forward to what's in store... My tickets to dance are purchased!

[alen121]

Looking good ..GO ACBC

[SaltyMutt]

Things are looking good here and ACBC is not the only bank that we follow that will soon be "lifting off".

[Huggy Bear]

Ask up to .45 Go Albina.