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Well, I played UCBH Holdings before FDIC took over and after 2 or 3 days they resumed trading. I just checked the charts and they still trading. I hope we can get some money out of this mess!
finance.aol.com/charts/ucbh-holdings-inc/ucbh/nao
the first thougt is the best thougt.. damn that msg # 15 that changed my mind a little bit!!!!!!!
Looks like they are trying to determine if BK is the best option for the holding company or whether they can survive without that option. But safe to say, this is going to see a drop in value once it does resume trading, which it likely will soon enough. Question is though does it trade as a Q (BK stock) or survive in its current form and dropped to a lesser exchange?
Not getting an answer on the number I posted, there is a pre-recorded message about the takeover and then gives an option to stay on the line and it rings for a while and clicks. Either a ton of calls coming in or no one is home yet.
If anyone has any luck, please post it here.
EX-99 2 a10-2827_1ex99.htm EX-99
Exhibit 99
First Regional
1801 Century Park East
Bacorp
Los Angeles, CA 90067
To Our Fellow Shareholders:
On Friday, January 29, 2010 the California Commissioner of Financial Institutions closed our subsidiary, First Regional Bank, and appointed the Federal Deposit Insurance Corporation as its receiver. With the assistance of the FDIC substantially all of the assets and liabilities of the bank were assumed by First Citizens Bank of Raleigh, North Carolina.
As you know from our financial reports over the past two years, the current severe economic recession took an enormous toll on the bank’s financial strength, as well as on the financial resources of our customers and their ability to meet their obligations to the bank. In response, we reduced the size of the bank by over $500 million to improve its capital adequacy, and resolved millions of dollars in nonperforming loans and other problem assets. Ultimately, however, even these efforts were not sufficient to save the bank.
In recent months we negotiated a substantial capital infusion with a group of investors that would have solved the bank’s capital and liquidity needs. While the investor group had demonstrated their capability to perform and remained committed to the transaction to the very last, the regulators concluded that the transaction would take too long to consummate and moved to closure.
The closure of First Regional Bank will also have a severe impact on the financial condition of First Regional Bancorp (the “Bancorp”) and the value of your investment in it. First Regional Bank was the only significant asset of the Bancorp, and accounted for virtually all of its earnings and cash flow. Those resources are now lost to us, yet the Bancorp remains obligated for the repayment of trust preferred debt that was incurred in earlier years to support First Regional Bank’s growth. We are currently evaluating how best to achieve an orderly resolution of the Bancorp’s financial situation, and will advise you of developments in this regard as they occur.
The decline and failure of First Regional Bank has been an emotionally draining experience for the members of the board and management, as well as our employees and their families. Clearly this is a sad day for us all, as the hard work and teamwork shared for over thirty years are now history. Despite this ending, we have been honored to serve as your board of directors, and we thank you for your continued support over that period and most especially in the recent trying times.
Sincerely,
/s/ Gary M. Horgan
/s/ H. Anthony Gartshore
Gary M. Horgan
H. Anthony Gartshore
Chairman of the Board
President and Chief Executive Officer
--------------------------------------------------------------------------------
I think it is in the hands of the folks at the holding company. If they cannot get NASDAQ to put them back on their exchange there is always hope if we get picked up on the OTC.
I am going to try the number I posted for everyone in about 20 minutes to see what they have to say. Guessing they will open at 8am Pacific time.
Do you think we have a chance of recovering something, anything?
My guess is NASDAQ is waiting on information from the holding company to justify it's ability to trade on their exchange again.
Does anyone know when trading will resume? and what will it look like? anyone have and experience with this type of messssss....
Thread #672897367 (Rec: 0)
Rainier Pacific Financial Group, Inc. Reports Fourth Quarter and Annual Results
TACOMA, WA, Feb 01, 2010 (MARKETWIRE via COMTEX) --
Rainier Pacific Financial Group, Inc. (the "Company") (NASDAQ: RPFG), the holding company for Rainier Pacific Bank (the "Bank"), announced today its fourth quarter and annual results for the periods ended December 31, 2009. For the quarter ended December 31, 2009, the Company recognized a net loss of $26.5 million, or $4.40 per basic and diluted share, compared to a net loss of $14.1 million, or $2.36 per basic and diluted share, for the same period in 2008. For the year ended December 31, 2009, the Company recognized a net loss of $69.9 million, or $11.64 per basic and diluted share, compared to a net loss of $14.6 million, or $2.44 per diluted share, for the same period in 2008.
The net losses for both the quarter and the year ended December 31, 2009 resulted primarily from the continued deterioration in the Company"s holdings of trust preferred collateralized debt obligation ("trust preferred CDO") securities, and to a lesser degree, the deterioration in the Company"s portfolio of land development and construction loans. For the quarter ended December 31, 2009, the Company recognized non-cash pre-tax other-than-temporary impairment ("OTTI") charges of $11.2 million on its portfolio of trust preferred CDO securities and a $2.7 million provision for loan losses. For the year ended December 31, 2009, the Company recognized non-cash pre-tax OTTI charges of $43.5 million on its portfolio of trust preferred CDO securities and a $14.7 million provision for loan losses. Due primarily to the magnitude of the non-cash pre-tax OTTI charges and the provisions for loan losses recognized during 2009, the Company"s capital position was significantly impacted making it highly unlikely that the Company would be able to realize its remaining deferred tax assets. Accordingly, the Company recorded a $10.8 million charge against earnings in the fourth quarter of 2009 to increase the valuation allowance for its deferred tax assets to a total of $27.5 million, resulting in the Company"s remaining $7.9 million in income tax assets as of December 31, 2009 being comprised solely of net operating loss carry-backs for taxes paid in prior years.
The net losses experienced during 2009 have significantly reduced capital levels and resulted in both the Company and the Bank being considered "critically undercapitalized" by regulatory definition, with the Bank"s regulatory capital ratios falling to the following levels as of December 31, 2009: a Tier I leverage ratio of 1.69% (compared to an "adequately capitalized" threshold of 4.00%); a Tier I risk-based capital ratio of 1.55% (compared to an "adequately capitalized" threshold of 4.00%); and a total risk-based capital ratio of 2.80% (compared to an "adequately capitalized" threshold of 8.00%). As previously reported, the Bank is currently operating under a Supervisory Prompt Corrective Action Directive from the Federal Deposit Insurance Corporation ("FDIC"), and has also consented to the issuance of an Order to Cease and Desist that became effective September 30, 2009. In addition, depository institutions that are "critically undercapitalized" must be placed into conservatorship or receivership within 90 days of becoming critically undercapitalized, unless the institution"s primary federal regulatory authority, in the Bank"s case the FDIC, determines and documents that "other action" is more appropriate. If conservatorship or receivership were to occur, the Bank"s assets would likely be liquidated, including a sale of such assets to another institution. As a result, the Company would suffer a complete loss of the value of its ownership interest in the Bank, and it would be unlikely that any assets would be distributed to holders of the Company"s common stock. The above factors, and because it is highly unlikely that the Company will be able to recapitalize, raise substantial doubt about the Company"s and the Bank"s ability to continue as going concerns.
The trust preferred CDO securities held by the Company have experienced considerable stress as a result of the effects of the continued financial and economic crisis, resulting in a number of the bank and insurance company issuers of the underlying trust preferred security collateral either defaulting on their debt obligations or electing to defer their quarterly payments. As of December 31, 2009, all of the 15 trust preferred CDO securities held by the Company, with an aggregate par value of $108.8 million, were determined to involve OTTI with the aggregate amount of the credit-related impairment charges recognized by the Company now totaling $48.0 million.
The trust preferred CDO securities continue to be substantially illiquid, and their evaluation for impairment and the determination of fair value remains highly complex and judgmental in nature. As part of the evaluation, the Company completes an analysis of projected cash flows for each trust preferred CDO security, which incorporates both known and projected defaults and payment deferrals on the underlying debt obligations of the trust preferred CDO securities, to determine each security"s net present value. The net present values were calculated in a manner consistent with the methodology used in the prior quarter"s evaluation; although, the cash flow projections used in the net present value calculations for the current period were further reduced by additional increases in the cumulative level of actual and projected payment deferrals by the bank and insurance company issuers of the underlying debt obligations. Accordingly, the lower net present values, when compared to the securities" amortized costs, resulted in additional impairment charges. The nine securities determined to have incurred a credit loss during the quarter resulted in total non-cash pre-tax impairment charges of $11.2 million for the quarter ended December 31, 2009, compared to 11 securities that incurred $22.1 million in impairment charges for the quarter ended September 30, 2009. To determine the fair value of the trust preferred CDO securities, the Company considered indications of value using both a "market approach" and "present value techniques" available under generally accepted accounting principles. Based upon management"s quarterly evaluation, management determined that all 15 trust preferred CDO securities held by the Company at December 31, 2009 had an aggregate fair value of $17.1 million, compared to an aggregate fair value of $23.4 million at September 30, 2009.
The effects of the trust preferred CDO securities on the Company"s earnings and capital position continue to be influenced by external market conditions and other factors outside of the Company"s control, including but not limited to: specific issuer credit deterioration, deferral and default rates of specific issuer financial institutions, failure or government seizure of the underlying financial institution or insurance company issuers, rating agency actions, regulatory actions, and the prices at which observable market transactions in these types of securities occur. While management closely monitors the performance of the trust preferred CDO securities and does not intend to sell these securities prior to their recovery in value, the current market environment significantly limits the Company"s ability to mitigate its exposure to future impairment conditions and valuation changes in these securities. Accordingly, if the previously described market conditions deteriorate further or other detrimental factors occur, it is likely that the Company would then determine that additional impairment charges on its holdings of trust preferred CDO securities portfolio would be recognized, and such charges would correspondingly have a further material adverse affect on the Company"s earnings, shareholders" equity, and regulatory capital.
The Company"s net interest income for the quarter and year ended December 31, 2009 was $5.0 million and $20.8 million, respectively, compared to $6.2 million and $25.3 million, respectively, for the same periods a year ago. The decrease in net interest income for the quarter and the year ended December 31, 2009 was primarily due to a reduction in average interest-earning assets of $118.8 million and $71.3 million, respectively; along with a reduction in the net interest margin earned.
The Company"s net interest margin was 2.96% for the quarter ended December 31, 2009, compared to 2.75% and 3.14% for the quarters ended September 30, 2009 and December 31, 2008, respectively. The yield on the Company"s interest-earning assets was 5.66% for the quarter ended December 31, 2009, compared to 5.34% and 6.32% for the quarters ended September 30, 2009 and December 31, 2008, respectively. The Company"s cost of interest-bearing liabilities was 2.65% for the quarter ended December 31, 2009, compared to 2.65% and 3.34% for the quarters ended September 30, 2009 and December 31, 2008, respectively. The decline in asset yields for the quarter ended December 31, 2009 compared to the same period in 2008 related primarily to the loss of relatively higher loan yields that were being earned on the VISA credit card portfolio that was sold in February 2009, the increased level of non-performing assets during 2009 resulting in forgone interest, lower yields on trust preferred CDO securities, and a higher level of low-rate interest-bearing deposits currently being maintained by the Company to provide enhanced liquidity. The decline in the cost of interest-bearing liabilities relates primarily to reductions in the rates of interest paid on retail customer deposits reflecting the general decline in market interest rates and the removal of relatively higher cost brokered deposits during the quarter and the year ended December 31, 2009.
Non-interest income for the quarter ended December 31, 2009 was $1.0 million, compared to $2.7 million for the same period in 2008, excluding the $11.2 million and $21.7 million of OTTI impairment charges related to the Bank"s trust preferred CDO securities portfolio for the quarters ended December 31, 2009 and 2008, respectively. Including the impairment charges, the Company had a non-interest loss of $10.1 million and $19.0 million for the quarters ended December 31, 2009 and 2008, respectively. For the years ended December 31, 2009 and 2008, non-interest income, excluding $43.5 million and $21.7 million of OTTI impairment charges, was $12.0 million and $10.6 million, respectively. Including the impairment charges, the Company had a non-interest loss of $31.5 million and $11.1 million for the years ended December 31, 2009 and 2008, respectively. Gains on the sale of loans were $367,000 for the quarter ended December 31, 2009, compared to $303,000 for the same period in 2008. For the year ended December 31, 2009, gains on the sale of loans were $5.5 million, compared to $1.2 million for the same period in 2008. On January 11, 2010, the Bank was notified by Freddie Mac that the Bank was no longer an eligible seller/servicer of loans on behalf of Freddie Mac, and the Bank immediately transferred the servicing of $186.1 million in loans to an alternate servicer selected by Freddie Mac. Accordingly, the Company recognized a valuation allowance for the entire $1.3 million in recorded value of the mortgage servicing rights associated with loans that the Bank was servicing for Freddie Mac. For the quarter and year ended December 31, 2009, the Company recognized $114,000 and $408,000 in loan service fee income from Freddie Mac.
Non-interest expenses were $7.4 million for the quarter ended December 31, 2009, compared to $7.9 million incurred during the same period in 2008. For the year ended December 31, 2009, non-interest expenses were $30.1 million or $1.3 million more than the $28.8 million incurred during the same period in 2008. The increase in non-interest expenses for 2009 compared to 2008 was primarily attributable to a $3.0 million increase in FDIC deposit insurance premiums and assessments, a $946,000 increase in other operating expenses due primarily to a $750,000 increase in write-downs and holding costs associated with foreclosed real estate owned, and a $360,000 increase in legal and other professional services expenses. These increases in expenses were partially offset by a $2.8 million decrease in compensation and benefits costs that is primarily a result of a reduction of 31 full-time equivalent employees since the beginning of 2009, the elimination of equity-based compensation for executive officers and board members, and lower employee incentive and retirement compensation.
The investment securities portfolio at December 31, 2009 (excluding $13.7 million in Federal Home Loan Bank of Seattle stock holdings recorded at cost) totaled $43.6 million, compared to $51.0 million at September 30, 2009 and $48.9 million at December 31, 2008. The investment securities portfolio contains $17.1 million of trust preferred CDO securities recorded at their fair value (representing $108.8 million in par value and $60.7 million in amortized cost), $17.1 million of mortgage-backed securities, and $9.4 million of municipal bonds recorded at amortized cost.
Total loans were $564.1 million at December 31, 2009, compared to $584.1 million at September 30, 2009 and $672.3 million at December 31, 2008. The decrease in the loan portfolio resulted primarily from the Company"s continued focus on lowering its asset base by restricting new loan originations for its portfolio during the year. During the quarter ended December 31, 2009, the most significant contributing factors to the decreased size of the loan portfolio were the reduction of $6.4 million in land development and construction loans, the sale of $14.9 million in single-family mortgage loans, and the prepayment of $8.2 million in multi-family and commercial real estate loans. For the quarter ended December 31, 2009, the yield on loans was 6.27%, compared to 6.11% and 6.40% for the quarters ended September 30, 2009 and December 31, 2008, respectively. Total loan originations were $22.7 million and $134.2 million during the quarter and year ended December 31, 2009, compared to $57.5 million and $240.4 million, respectively, for the same periods in 2008. At December 31, 2009, the loan portfolio consisted of 43.8% commercial real estate loans, 23.0% multi-family real estate loans, 8.4% land development and real estate construction loans, 8.4% commercial business loans, 7.9% one- to four-family real estate loans, 6.1% home equity loans, and 2.4% consumer loans.
During the quarter ended December 31, 2009, the Company sold $14.9 million of single-family residential loans, compared to $19.9 million of single-family residential loans during the same period in 2008. For the year ended December 31, 2009, the Company sold $121.8 million of loans (comprised of $96.0 million of single-family loans, $21.6 million of VISA credit card balances, and $4.2 million of multi-family loans) compared to the sale of only single-family loans totaling $68.1 million during the same period in 2008. Net loan charge-offs were $2.2 million for the quarter ended December 31, 2009, compared to $7.7 million for the quarter ended September 30, 2009, and $914,000 for the quarter ended December 31, 2008. Net charge-offs for the year ended December 31, 2009 were $17.8 million, compared to $1.8 million for the year ended December 31, 2008. Of the $17.8 million in net charge-offs, $16.0 million was concentrated in six residential builder relationships and were deemed necessary due to updated appraisal information indicating lower values for these collateral-dependent loan relationships. The ratio of loans more than 30 days delinquent as a percentage of total loans was 4.21% at December 31, 2009, compared to 3.75% at September 30, 2009, and 4.00% at December 31, 2008.
During the quarter ended December 31, 2009, non-performing assets (inclusive of loans, other real estate owned, and other repossessed assets) decreased to $32.0 million, or 4.46% of total assets at December 31, 2009; compared to $33.8 million, or 4.42% of total assets at September 30, 2009; and $31.4 million, or 3.70% of total assets at December 31, 2008. As of December 31, 2009, $28.4 million, or 88.8%, of the $32.0 million in non-performing assets were concentrated in seven residential builder relationships. The $28.4 million in non-performing assets related to these builders was comprised of $14.3 million in land development and construction loans (on properties located in Pierce and south King counties) and $14.1 million in real estate owned (located in Pierce and north Thurston counties).
Upon completing its quarterly evaluation of the allowance for loan losses, the Company recorded a $2.7 million provision for loan losses for the quarter ended December 31, 2009, compared to provisions for loan losses of $5.7 million and $300,000 for the quarters ended September 30, 2009 and December 31, 2008, respectively. The allowance for loan losses was $10.2 million, or 1.81% of total loans at December 31, 2009; compared to $9.7 million, or 1.66% of total loans at September 30, 2009; and $13.3 million, or 1.98% of total loans at December 31, 2008.
Total deposits were $444.2 million at December 31, 2009, compared to $466.3 million at September 30, 2009 and $519.2 million at December 31, 2008. The primary reason for the $75.0 million decline in total deposits during 2009 was attributable to a $73.3 million reduction in brokered deposit balances from out of area depositors. At December 31, 2009, brokered deposits were $14.1 million, or 3.2% of total deposits, compared to $19.0 million, or 4.1% of total deposits at September 30, 2009, and $87.4 million, or 16.8% of total deposits at December 31, 2008. Total retail deposits (which excludes all brokered deposits) decreased by $17.2 million during the quarter ended December 31, 2009 to $430.1 million, compared to $447.3 million at September 30, 2009 and $431.8 million at December 31, 2008. For the quarter ended December 31, 2009, the average cost of interest-bearing deposits decreased to 1.39%, compared to 1.49% for the quarter ended September 30, 2009 and 2.61% for the quarter ended December 31, 2008. For the year ended December 31, 2009, the average cost of interest-bearing deposits decreased 111 basis points to 1.75% from 2.86% in 2008. These declines in the cost of interest-bearing deposits related primarily to lower market interest rates.
The Company"s total shareholders" equity declined to a deficit of $10.4 million at December 31, 2009, compared to shareholders" equity of $12.8 million at September 30, 2009 and $29.3 million at December 31, 2008. The decline in shareholders" equity during the quarter ended December 31, 2009 was a result of the $26.5 million net loss incurred for the quarter. Accordingly, the Company"s capital ratio (i.e., shareholders" equity divided by total assets) decreased to a negative 1.45% at December 31, 2009, compared to 1.68% and 3.46% at September 30, 2009 and December 31, 2008, respectively. The tangible common equity-to-assets ratio decreased to a negative 1.84% at December 31, 2009, compared to 1.31% at September 30, 2009 and 3.09% at December 31, 2008. The Company"s book value and tangible book value per share as of December 31, 2009 both decreased to a deficit of $1.72 and $2.18 per share, respectively.
Rainier Pacific Financial Group, Inc. is the bank holding company for Rainier Pacific Bank, a Tacoma, Washington-based state-chartered savings bank operating 14 full-service locations in the Tacoma-Pierce County and City of Federal Way market areas.
For additional information, visit Rainier Pacific"s website at www.rainierpac.com.
Yes, lending practices that happened years before the current administration is totally their fault. Perspective people, damn.. lets start blaming bureaucrats for the weather too. I blame nobody but myself for my bad investments.. at the least, lesson learned. Moving along.
Bank refused to take Obama money...government was slowly bleeding them to death by not allowing them to take any customers deemed to risky. (They had regulators in their offices for months now)
This was inevitable.
Lesson here is you have to play ball with this communist regime called the Obama Administration.
wamu had bonderman who owned the bank and had 25% of commons. not sure what % the head crook owned first regional.
LOL- losses unfortunately are part of the game, I'm not saying charge but if this gets low enough I will try to trade my way out of it with minimal loss as possible and maybe another gain.
Cant win them all, just let us hope we win more then we lose.
But wamuq what a ride, who knows where that might go if they win some of those cases. In my opinion it was criminal what took place there.
i like apples and i like oranges. i just want my money back at this point. or make a mess of $$$$. im not particular, but, with the fdic involved i see fighting to the death, as im doing in wamu, and it takes a while. but, i will defend you to the last drop of your blood, never fear IH. ive got your back. no problem. about face, CHARGE!!!!
However unlike Wmi (wamuq) 35% insider ownership and only around 12 mil outstanding its apples and oranges.
Where you been all stocks are penny stocks these days, the playing field is so rigged against small investors. I suggest you take a look at the removal of the uptick rule by a government agency and the suspect past dealings of the FDIC.
It all sucks, they stole all that taxpayer money to pay off their buddies I agree not fair.
Well..this explains to me the big volume recently. You need to be able to read smoke signals.
First, someone keeps deleting my posts (STOP IT)
I lost alot of money on this bank, I did not think this was a POS stock. I think Governmnet just screwed all the investors. This is the second time I lost alot of money in penney stocks. CRAP, CRAP, CRAP,,,,,,Penny stocks suck.....
that can be a bad thing.
the reason wmi is around to fight is cuz it did file bk next day. if it hadnt, it woulda been picked apart fast. it threw fdic and jpm a curve ball. that is why wmi and shareholders are in the ''win'' seat in bk court now. so dont wish for things that you arent sure you really want
I put in bold the only part I can find so far on the losses.
As of September 30, 2009, First Regional Bank had approximately $2.18 billion in total assets and $1.87 billion in total deposits. First-Citizens Bank & Trust Company did not pay the FDIC a premium to assume all of the deposits of First Regional Bank. In addition to assuming all of the deposits, First-Citizens Bank & Trust Company agreed to purchase approximately $2.17 billion of the First Regional Bank's assets. The FDIC retained the remaining assets for later disposition.
The FDIC and First-Citizens Bank & Trust Company entered into a loss-share transaction on $2 billion of First Regional Bank's assets. First-Citizens Bank & Trust Company will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.
One really good thing is that the holding company has not filed BK yet. If I remember right, WAMU holding company filed BK the same day that it was taken over by the FDIC.
Last q
pages 19 and 20 of their latest quarterly filing
But didn't I read some where that all liabilities go to new bank not holding company.
so the bank's gone, what is the holding co. worth? what does it have? nol's? what else?
Everyone holding needs to call this guy on Monday. Trying to find an email address but haven't found one so far. Those that got emails on Friday from the IR need to look at the address and see if there is a name on it where we can switch out this guys name or if it was a generic - IR@whatever.com email address.
From the FDIC release-
All shares of First Regional Bank were owned by its holding company, First Regional Bancorp, Los Angeles, CA. The holding company was not included in the closing of the bank or the resulting receivership. If you are a shareholder of First Regional Bancorp, please do not contact or file a claim with the Receiver. You may contact First Regional Bancorp directly for information as follows:
First Regional Bancorp
Steven J. Sweeney, General Counsel
1801 Century Park East, Suite 800
Los Angeles, CA 90067
1-310-552-1776
I am going to try to dig through previous financials for some sort of clue to what debt there may still be. At the very least that tax break of 12-13MM should still go to the holding company I am thinking as that was effective '09.
IX. Priority of Claims
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
1.Depositors
2.General Unsecured Creditors
3.Subordinated Debt
4.Stockholders
http://www.fdic.gov/bank/individual/failed/firstregional.html
nice find yea all we need is them to have 12 mil left over and shares might still be valued higher. Imagine that
yep we seen it with Wamuq, it ain't over till its over.
Was just thinking about that, what bodes well here for the commons is that the shares outstanding are only what 12 mil. So need to find if there are preferred shares as well and then anything left over from would be value.
Also from what I last saw there was 400k short interest unless they got inside tip and covered other day you would think they would have to cover at some point, which might provide a bounce.
I wonder if we get to keep this?
Subsidiaries
First Regional Bancorp has six other subsidiaries, which include First Regional Statutory Trust III, First Regional Statutory Trust IV, First Regional Statutory Trust V, First Regional Statutory Trust VI, First Regional Statutory Trust VII and First Regional Statutory Trust VIII. The Trusts were formed for the sole purpose of issuing securities and investing the proceeds thereof in obligations of the Company and engaging in certain other limited activities.
Anyone start looking at assets to understand what might be left as a going concern or after liabilities for us?
So does this mean that the holding company currently has no debt or assets right now? If that is the case, then there is a small possibility that we could be ok when we get the $13 million NOL carryback yea? I could be dreaming here but one never knows.
Maybe it wont be that bad. Share structure isnt bad and all debt is leaving the holding company which owns stock. Insiders still own 30% right? Maybe someone will buy this shell and put better assets into it. And we will all come out winners.
Trying to put a positive spin.
Wow oh wow, this sux, what can the shareholders do but try and sell on the bounce when it hits a penny. AIMO
But who really knows till Monday.
It's the same scenario that happened with WMI, which owned WaMu. They seized all the banking assets essentially leaving the holding company with nothing. All you can do at this point is hope that the common shares will trade next week so you can at least recoup something for them. Even 10% of what you paid is something at least. But I could also see all the commons being wiped out now.
what does this mean.. it is at the fdic web site..........[[[[[[[All shares of First Regional Bank were owned by its holding company, First Regional Bancorp, Los Angeles, CA. The holding company was not included in the closing of the bank or the resulting receivership. If you are a shareholder of First Regional Bancorp, please do not contact or file a claim with the Receiver. You may contact First Regional Bancorp directly for information as follows:]]]]]]http://www.fdic.gov/bank/individual/failed/firstregional.html#possible_claims
First Regional Bancorp
Steven J. Sweeney, General Counsel
1801 Century Park East, Suite 800
Los Angeles, CA 90067
1-310-552-1776
I'm just hoping it trades on Monday at this point so I can at least recoup something. But I have written this all off as loss at this point. Very sorry for all of us here. I guess that selloff yesterday did have meaning behind it afterall. I knew I should have dumped but figured I'd at least have today to see how it traded. This is twice now I have been caught on a FDIC seizure.
Yea you are probably right - just checked with Fidelity - if this is an asset only sale, they will at some point be declared worthless by FRGB's transfer agent. At that point all we can do is take the loss.
If they let us trade, who would buy it?
That's a serious question, I have no experience with
a total loss like this....
Hopefully the Nasdaq will let it trade next week so that we can get some of our money back but I doubt it.
Blown The F Away!!!!!!!!!!!!!!!!!!!!! Total F'n Loss!!!!!!!! I can't believe it.
Just like wamu, taken over and sold on the cheap likely.
Don't they buy it from the FDIC? Or in this case us? I am sure it is no, but praying for a ray of hope.
Shares will likely become worthless.
Okay what about the new bank 'FCNCA'..what happens to our shares?
That ticker symbol FCNCA is $167 a share?
Do you think they will let this trade again?
Sorry to hear that. Hope you all can recover soon.
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