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Capital Corp. of the West is an extremely low floater and can move very quickly in any direction.
CCOW>>>>YOU HAVE TO LOVE THE SYMBOL. YOU CAN'T HELP BUT THINK CASH COW...LOL...
Company Website: http://www.ccow.com/
Share Structure According To Bloomberg.com
Shares: 10.816 Million
Float: 9.245 Million
52 Week Range = .11 reached FEB. 3, 2009 and a high of 19.86 which was hit Feb. 4, 2008
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Recent News:
http://www.marketwatch.com/news/story/capital-corp-west-unit-post/story.aspx?guid=%7BA82240C3%2D3E67%2D4A8F%2D84B2%2D058D851123AD%7D&siteid=yhoof
Chart: http://stockcharts.com/h-sc/ui?s=ccow&p=D&b=5&g=0&id=0
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[b]LATEST RUMOR:[/b]
Tuesday, February 3, 2009, 2:51pm PST
Westamerica seen as a potential buyer for County
Bank parentSan Francisco Business Times
San Rafael-based Westamerica Bancorp is a potential buyer of the banking operations of Capital Corp. of the West as part of a potential government-assisted deal, according to a report in Tuesday’s American Banker.
Capital Corp., parent of County Bank, has been hit hard by troubled loans to residential developers in California’s Central Valley. The company applied for funding under the Treasury Department’s Troubled Asset Relief Program last November and has yet to get a response, according to the trade newspaper.
Capital Corp. CEO Richard Cupp said the $1.8 billion bank in Merced has been trying to raise $50 million to $75 million or find a buyer over the past several months. Those efforts have to no avail so far.
“Institutional investors have no tolerance for risk whatsoever,” Cupp told the newspaper. “They want to know where the bottom line is, both in real estate and asset valuation, and they don’t want to put money in an institution until they know whether further deterioration would continue.”
Capital Corp. has said that without additional capital, it is unlikely to “continue as a going concern.”
Capital Corp.’s County Bank operates 39 branches, including a location in downtown San Francisco. County Bank was established in 1977, with its first branch housed in a “modest trailer,” according to the bank’s web site.
Westamerica officials did not return calls seeking comment, American Banker said
