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sources say!!! ya gotta love that phrase...this has to be one of the craziest stocks i have ever had
i don't pretend to be any kind of expert in these issues, but amcore bank, as a subsidiary of amcore financial, had cash reserves as a percentage of its deposits. so was harris bidding on that alone in an effort to help capitalize their new found assets? did amcore financial transfer cash reserves of the old amcore bank into another subsidiary or spread it out between them? if so then amcore financial as a holding company w/ subsidiaries should be much further ahead having dropped the capital draining problems of amcore bank. will be interesting to see how this pans out
Well, I'm in the same boat as you...
Saw it was Amcore Bank that was transferred to Harris Bank. Amcore Financial is the holding company of Amcore Bank. Should of sold Friday at .98. Should of not bought it in the first place, but now I will just watch early Monday and get out at a loss.
Wow, what was I thinking. Had a good trading week until I read this big, fat news update. Blahhhhh.
I wish I could tell you. I live in Rockford Illinois where the main bank has been all my life. I hope the investors do not take a *&$%$#% on there shares. I find it suspicious that around 2:30pm the local paper reports that HARRIS BANK had made a bid on all or part of AMcore which I assume some in the know knew that well ahead of time based on the number of shares that transpired over the past 2 weeks . Then the next thing you hear 4 hours later is that the FED shut down the bank and handed over ownership of the whole to Harris bank and no mention of the proposed buyout. I don't know if this is the norm but that sounds fishy to me. I read as far as banking goes it will be same o same, for the regular banking customers till Harris gets everything in their name,but for the legit shareholders, I have not seen anything in print yet.. GO TO RRSTAR.COM if you want to read current news.. GLTA
Will be any value left for the shareholders? Will the company cancel
the common shares after filing the bankruptcy? I own 10,000 shares!
How low can it go after resuming the trading on Monday or next week?
My guess it is 0.025 like UCBH or 0.02 as CORS or 0.0001 as ITYCQ.
Will the bank file the CH11 or CH7? I hope it is CH11 because I hold
10000 shares which I bought last evening at $0.75 (yesterday's low).
FDIC took over this bank yesterday! What is the next to happen soon?
Time to dump at .75 in AH while you have the chance. A Bank of Montreal unit just bought the assets from the FDIC. Links should be available soon.
Wow, thanks...found this too: On 1.4x Above-Average Volume Shares of Amcore Financial (AMFI) Are On The Move Higher
Written on Fri, 04/23/2010 - 11:39
By Chip Brian
Shares of Amcore Financial (NASDAQ:AMFI) are trading up 3.5% to $0.90 today on above average volume. Approximately 1.3 million shares have traded hands today vs. average 30-day volume of 547,000 shares.
Spikes in volume can validate a breakout or signify a potential turning point. As such, SmarTrend will continue to monitor shares of AMFI to see if this bullish momentum will continue.
SmarTrend is bullish on shares of Amcore Financial and our subscribers were alerted to buy on April 12, 2010 at $0.69. The stock has risen 30.5% since the alert was issued.
Harris Bank makes bid for Rockford's AMCORE bank
Posted: Apr 22, 2010 9:10 PM CDT
Updated: Apr 23, 2010 8:37 AM CDT
Report says Harris Bank put in a bid to buy Rockford's AMCORE, or at least part of it.ROCKFORD (WREX) - It looks like there's a bidder for Rockford's AMCORE bank.
According to Crain's Chicago Business, Harris Bank submitted a bid to take over part of, or all of AMCORE.
Crain's says it's not clear whether there are any other bidders. But last October, U.S. Bank checked out AMCORE's books as part of the process. Spokesman for Harris and U.S. Bank would not comment on the story.
Yup, that was some crazy stuff as the profit-takers headed for the door! Hope they didn't trip over each other! lolol.
Agree that we're headed back up...soon.
;)
Alot of profit taking thisafternoon...can't say i blame 'em,i'm hopin' this run takes us to a 1.50 / 1.75 eventually , still more run to come in the next few days
weird volume this past 2 days , i cant find any pump .. even yahoo message board is full of bashers , who is buying all that .. 2 millions $ volume today .. i think some news coming very soon..
lol...I love youuuuu toooooo.
;)
fine! yeah, I have a feeling you are very talented, I remember you from another play... hmmm?... just thinking... it was a financial one ... maybe CPF or so... just gave you a person mark
Bye!!!
Such fun. Mine are all up for sale at $1.36...we shall see. If not today, maybe tomorrow. Shorts appear to be scrambling. Love these bank plays lately. Good luck to you too, Wesley.
;)
we should have some more faith in ourself making the right decisions in this how you called it? crazy game... yeah, right! a win is a win and a win is a right decision, I will move on to the next breakout play
see ya! and thx for your fair words!
Wes
1.14$+ !!! you are right Alyssa, as I said a win win situation, win for me (yesterday) and for holders (today 1.00+)
Seeing a little pre-market action bringing AMFI up to .87 on volume of 14,443 and the ask is now .88, then .89, then .97.
;)
if any rumors of buyout comes out then this stock gonna rock from this low pps
News report says FDIC is seeking bids for Amcore [The Wisconsin State Journal] Knight Ridder/Tribune "Business News "
Mar. 13 -- Amcore Financial is one of about half a dozen financially ailing Chicago area banks that the Federal Deposit Insurance Corp. is putting up for bids from potential buyers, according to a published report.
The Chicago Tribune , citing unnamed sources, said the Rockford bank, whose 66 branches include 10 in the Madison area, is among those targeted by the FDIC for potential takeover.
Amcore declined to comment on the report, as did an FDIC spokesman.
If the bank is a takeover candidate, there are probably several banks that could consider acquiring Amcore, said Bob Cramer , a co-founder of several local banks and a lecturer at the UW-Madison School of Business Puelicher Center for Banking Education . "It would depend on (Amcore) fitting into their strategy," he said.
Last year, federal regulators ordered Amcore to shore up its financial structure and in January, they said the plan the bank submitted did not meet expectations.
Amcore had $4.1 billion in assets, with $380.9 million in nonperforming assets, or loans for which the bank did not expect full or any payment, as of Dec. 31, 2009 .
Amcore sold four Wisconsin branches last November and said it planned to sell 12 branches in Illinois . But federal regulators said that would pose more of a risk to the bank's capital base.
Shares of stock in the publicly traded bank sank 25.6 percent Friday, closing at 51 cents , down from 69 cents the day before.
Amcore received notice from the Nasdaq market Friday that its stock has closed below $1 a share for at least 30 consecutive business days. If it does not close above $1 for 10 consecutive business days by Sept. 7 , the stock could be delisted.
With the stock so low, "the chances of getting a capital injection are pretty slim," Cramer said.
But he is optimistic a potential buyer can be found. "There are a lot of very healthy, larger banks in the Midwest that could well step in," Cramer said.
The FDIC posts information about banks available for takeover on a secure Web site, where potential bidders can download data and see if they are interested, an agency spokesman said. They may have anywhere from a week or two to three months to review the data.
As of Friday evening, 30 federally insured banks in the U.S. have failed so far this year.
When a buyer takes over, accounts up to $250,000 are guaranteed for coverage by the FDIC , and in some cases, they are covered beyond that amount. The banks typically close on a Friday evening and reopen for business as usual the following Monday.
More information about FDIC -insured accounts is available at www.myfdicinsurance.gov.
To see more of The Wisconsin State Journal , or to subscribe to the newspaper, go to http://www.wisconsinstatejournal.com.
Copyright (c) 2010, The Wisconsin State Journal
Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc. , 1247 Milwaukee Ave. , Suite 303, Glenview, IL 60025, USA .
No pump that I know of. I did a screening for Nasdaq/NYSE stocks that had low price/book and price/sales, low float, and high short interest. The bank sold off some of its branches and ATM locations in March, so I'm thinkin' that should ultimately do wonders for their bottom line. Oh, and the institutional interest was quite impressive--Vanguard, Northern Trust, BlackRock, etc. PLUS, the stock is crazy cheap.
That's why I got in this morning at .60, and that's all I know!
;)
No second-guessing yourself! You were a winner and that's what is important in this crazy game. Sold some at .84, but couldn't let go of them all. Just bought the little buggers this morning. lol
:)
lot of volume today , something going on ?? or just a pump ??
@%!!#(/*% out .74 was to soon... but still happy... win win situations are good :) GL ALL!!!
seems so... missed the eod run, but never mind, made money is good money... tomrw interesting...
If you do just little DD you'll see how $1.00 could happen easily...and soon.
;)
whats going on here today .. on the way to 1$ ?
is a double intraday Top @ .75 as for me speaking, the sell was the right decision, but maybe (because of the small float) see a $ soon... who knows? I'm happy today :) see ya Aly
Congrats, Wesley. That was fast.
I'm gonna stick around for a bit to see what happens after it takes this little rest.
;)
all out @ .74, GL all!
exploding to .75
next leg up .66 nice...
Hi Wesley. 22.8 million in the float and about 14.12 are short (about 3.19 million). Let 'er rip! lol.
yeah, looks like, 0.63 going, nice!
Looks like there's a cute little squeeze starting/happening here?
;)
nice volume today, something cooking?
Very possible, this was $13 before the October 2008 crash
Great, I thought we we were heading for $1.82 resistance today since we were flying up to the high $1.60s but pulled back a little. Hopefully EOD we can still reach that level.
Guys, I still hold my predictions - $2 sometime in January (now sooner than later) and $3 in February.
GL this thing will fly now!!
Could we go near $2 today? We were a lot higher than this recently so hopefully so.
Smack attck ~ Amcore still going on this ~ Amcore Financial In Compliance After Credit Agreement Amended
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Outstanding Shares: 23,100,000 Shares.
Floating Shares: 22,730,000 Shares.
Insiders Ownership: 5.51%.
Institution Ownership: 13.7%.
Shorting Shares: 3,529,950 Shares.
Cash Per Share: $20.18.
Book Value Per Share: $1.56.
52-Week Low Before The CH11: $0.36 Per Share.
Status: In The CH11 Bankruptcy Process. Tax Refund Could Be Tens Of Millions Of Dollars.
AMCORE FINANCIAL, INC. (NASDAQ - AMFI) |
AMCORE Financial, Inc. is a leading Midwestern bank located in some of the fastest growing markets in northern Illinois and southern Wisconsin. Headquartered in Northern Illinois, the Company has banking assets of $4.4 billion with 66 locations in Illinois and Wisconsin, including 27 (net) new offices added in Rockford, IL, Madison, WI, and suburban Chicago and Milwaukee, since its branch expansion program began in April 2001. AMCORE also has 347 ATMs and access to over 19,000 ATMs under the surcharge-free MoneyPass and SUM networks.
AMCORE's success is driven by the company's ability to make it easy for customers to bank and invest. AMCORE offers the best of both worlds -- a strong line of sophisticated bank products delivered by people who understand the local markets. AMCORE's focus is building profitable growth with greater efficiencies.
The company's major lines of business include consumer banking, commercial, and wealth management services. AMCORE’s consumer banking offers low and no-cost checking, debit and online banking, and access to a full suite of mortgage services giving our consumer customers full access to the information and resources they need to meet their needs.
AMCORE's commercial team is committed to serving small and mid-size businesses, which form the backbone of the many communities the company serves. AMCORE earned its reputation as a trusted financial advisor by working as a partner with its customers.
AMCORE provides wealth management services including: trust, brokerage, private banking, investment management, insurance and comprehensive retirement plan services. AMCORE is one of the largest Rockford-based investment management companies and has a nearly 100 year tradition of safeguarding and growing our customers’ investments.
AMCORE common stock is listed on The NASDAQ Stock Market under the symbol "AMFI."
Press Releases --
Forms 10Q
11/09/2009 | 4:29PM | Form (10-Q) | - Quarterly Report | NASDAQ:AMFI |
Forms 8K
12/18/2009 | 2:03PM | Form (8-K) | - Current report filing | NASDAQ:AMFI | ||
12/11/2009 | 4:33PM | Form (8-K) | - Current report filing | NASDAQ:AMFI | ||
................. | ............ | ................. | ................................... | ........................ | ||
10/27/2009 | 9:31AM | Form (8-K) | - Current report filing | NASDAQ:AMFI | ||
08/19/2009 | 7:30AM | Form (8-K) | - Current report filing | NASDAQ:AMFI | ||
08/18/2009 | 4:58PM | Form (8-K) | - Current report filing | NASDAQ:AMFI | ||
08/12/2009 | 10:16AM | Form (8-K) | - Current report filing | NASDAQ:AMFI | ||
08/06/2009 | 4:36PM | Form (8-K) | - Current report filing | NASDAQ:AMFI |
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