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Might be buried in pile of mail at home. Too much paper. I'll have to look in my email, too. UPDATE: not there. I try to get everything done electronically.
Wish they would publish their shareholders letter. Last few quarters they got these out very quickly when the Call Reports were filed. Quarterly Call Report has been in nearly a month now; but then they have new CFO and the bank acquisition.
I had CIBH and it was basically flat so I got rid of it to use my $$ elsewhere. I'll look at those 2. If I didn't mention it loo at NHLD (temp symbol NHLDD due to 1:10 r/s). But they want to apply to NASDAQ so it got their share price to 4.50 and they have positive net income. Rocket ride with NBG. Not sure how much short term upside left. Good board.
FSWA had just under $97 million assets at 9/30/14, while ECB had $36 million. Both banks must have continued to run off assets in order in order to be more than $130 million in assets as outlined in the press release.
First Sound Bank Agrees to Purchase Eastside Commercial Bank (1/16/15)
SEATTLE, Jan. 16, 2015 /PRNewswire/ -- First Sound Bank (OTCBB;FSWA), headquartered in Seattle, Washington, today announced that it has reached a definitive agreement to acquire Bellevue-based Eastside Commercial Bank in a transaction expected to close in the first quarter of 2015. The merger of Eastside Commercial into First Sound will result in a combined company of more than $130 million in assets.
According to Patrick Fahey, chairman and chief executive officer of First Sound Bank since 2012, the combination of the two companies is expected to be accretive to earnings in the first year. Fahey said, "Our focus during the past few years has been to strengthen First Sound Bank's capital and credit quality following the economic downturn, and we have emerged as a well-capitalized institution with a high-quality loan portfolio. This transaction will add to our business activity in East King County and accelerate our growth in earning assets."
Kent Chaplin, who has served as interim president of Eastside Commercial Bank, stated, "Both Banks have similar business models, focusing on providing financing and personalized financial services to local small- and medium-sized businesses. Joining with First Sound Bank will strengthen our ability to compete and better serve our customers." Chaplin will join the board of First Sound Bank upon completion of the merger.
The proposed merger is subject to regulatory approval, as well as the approval of the shareholders of both companies.
About First Sound Bank
Seattle-based First Sound Bank offers customized banking for small- to medium-sized businesses, organizations, not-for-profits and professionals in the Puget Sound region. The Bank is committed to delivering personalized service, convenient access and competitive rates to support the needs of the business community. First Sound Bank offers online banking at www.firstsoundbank.com plus an expansive banking network in Western Washington, as well as ATM banking throughout the country and abroad.
"Our progress in restoring First Sound Bank to a strong financial condition is due to the efforts of a dedicated and determined staff and board of directors, our very loyal customers and shareholders, and the support we received from state and federal regulators," Fahey said.
"This achievement is a major milestone as First Sound Bank has moved from shrinking in size and resolving troubled assets to adding new customers and making new loans to local businesses." Reflecting on how some had written the Bank off 18 months ago, Fahey added, "We are grateful for the support we have had and look forward to contributing to the economic vitality of the region."
Mr. Fahey came out of retirement to help this small bank out of its darkest days and should be congratulated. He was the guiding force behind the wheel.
I'm sure this is a gratifying day for him and his team...well done FSWA!!
Next question in my mind is will the bank do a reverse split?
Seattle's First Sound Bank Released From Regulatory Consent Order (10/03/13)
SEATTLE, Oct. 3, 2013 /PRNewswire/ -- First Sound Bank (OTCBB:FSWA) today announced that it is no longer operating under a consent order issued by the FDIC and the Washington State Department of Financial Institutions in early 2010. The Bank, which had incurred significant losses in an acquired leasing company and its commercial real estate loan portfolio during the economic downturn, had become significantly undercapitalized by the end of 2011.
According to Patrick Fahey, who joined First Sound Bank as CEO in January 2012, the Bank's capital ratios now exceed the regulatory thresholds of a well-capitalized institution, and its credit quality has improved dramatically to well within regulatory guidelines. In February 2013 First Sound Bank reported that it had raised $7.9 million in new capital and repurchased from the U.S. Treasury, at a negotiated discount, the preferred stock that had been issued under the Troubled Asset Relief Program (TARP) in 2008.
"Our progress in restoring First Sound Bank to a strong financial condition is due to the efforts of a dedicated and determined staff and board of directors, our very loyal customers and shareholders, and the support we received from state and federal regulators," Fahey said.
"This achievement is a major milestone as First Sound Bank has moved from shrinking in size and resolving troubled assets to adding new customers and making new loans to local businesses." Reflecting on how some had written the Bank off 18 months ago, Fahey added, "We are grateful for the support we have had and look forward to contributing to the economic vitality of the region."
Forward-Looking Statements Certain of the statements contained herein are forward-looking statements within the meaning of the Private Securities Reform Act. Forward-looking statements are typically identified by words or phrases such as "believe," "expect," "intend," "may increase," "may fluctuate," "hope" and similar expressions or future or conditional verbs such as "will," "should," "would" and "could." These forward-looking statements involve risks and uncertainties including, but not limited to, economic conditions, portfolio growth, and the credit performance of the portfolios, including bankruptcies and seasonal factors; changes in general economic conditions, including the performance of financial markets, prevailing inflation and interest rates, realized gains from sales of investments, gains from asset sales, and losses on commercial lending activities; results of various investment activities; the effects of competitors' pricing policies, of changes in laws and regulations on competition, and of demographic changes on target market populations' savings and financial planning needs; industry changes in information technology systems on which we are highly dependent; failure of acquisitions to produce revenue enhancements, cost savings at levels or within the time frames originally anticipated, or unforeseen integration difficulties; and the resolution of legal proceedings and related matters. In addition, the banking industry in general is subject to various monetary and fiscal policies and regulations, which include those adopted by the Federal Reserve Board, the Federal Deposit Insurance Corporation and state regulators, whose policies and regulations could affect First Sound Bank's performance. These statements are representative only on the date hereof, and the bank undertakes no obligation to update any forward-looking statements made.
About First Sound Bank
Seattle-based First Sound Bank offers customized banking for small- to medium-sized businesses, organizations, not-for-profits and professionals in the Puget Sound region. The Bank is committed to delivering personalized service, convenient access and competitive rates to support the needs of the business community. First Sound Bank offers online banking at www.firstsoundbank.com plus an expansive banking network in the western U.S., as well as ATM banking throughout the country and abroad.
SEATTLE, Oct. 3, 2013 /PRNewswire/ -- First Sound Bank (OTCBB:FSWA) today announced that it is no longer operating under a consent order issued by the FDIC and the Washington State Department of Financial Institutions in early 2010. The Bank, which had incurred significant losses in an acquired leasing company and its commercial real estate loan portfolio during the economic downturn, had become significantly undercapitalized by the end of 2011.
According to Patrick Fahey, who joined First Sound Bank as CEO in January 2012, the Bank's capital ratios now exceed the regulatory thresholds of a well-capitalized institution, and its credit quality has improved dramatically to well within regulatory guidelines. In February 2013 First Sound Bank reported that it had raised $7.9 million in new capital and repurchased from the U.S. Treasury, at a negotiated discount, the preferred stock that had been issued under the Troubled Asset Relief Program (TARP) in 2008.
"Our progress in restoring First Sound Bank to a strong financial condition is due to the efforts of a dedicated and determined staff and board of directors, our very loyal customers and shareholders, and the support we received from state and federal regulators," Fahey said.
"This achievement is a major milestone as First Sound Bank has moved from shrinking in size and resolving troubled assets to adding new customers and making new loans to local businesses." Reflecting on how some had written the Bank off 18 months ago, Fahey added, "We are grateful for the support we have had and look forward to contributing to the economic vitality of the region."
Forward-Looking Statements Certain of the statements contained herein are forward-looking statements within the meaning of the Private Securities Reform Act. Forward-looking statements are typically identified by words or phrases such as "believe," "expect," "intend," "may increase," "may fluctuate," "hope" and similar expressions or future or conditional verbs such as "will," "should," "would" and "could." These forward-looking statements involve risks and uncertainties including, but not limited to, economic conditions, portfolio growth, and the credit performance of the portfolios, including bankruptcies and seasonal factors; changes in general economic conditions, including the performance of financial markets, prevailing inflation and interest rates, realized gains from sales of investments, gains from asset sales, and losses on commercial lending activities; results of various investment activities; the effects of competitors' pricing policies, of changes in laws and regulations on competition, and of demographic changes on target market populations' savings and financial planning needs; industry changes in information technology systems on which we are highly dependent; failure of acquisitions to produce revenue enhancements, cost savings at levels or within the time frames originally anticipated, or unforeseen integration difficulties; and the resolution of legal proceedings and related matters. In addition, the banking industry in general is subject to various monetary and fiscal policies and regulations, which include those adopted by the Federal Reserve Board, the Federal Deposit Insurance Corporation and state regulators, whose policies and regulations could affect First Sound Bank's performance. These statements are representative only on the date hereof, and the bank undertakes no obligation to update any forward-looking statements made.
About First Sound Bank
Seattle-based First Sound Bank offers customized banking for small- to medium-sized businesses, organizations, not-for-profits and professionals in the Puget Sound region. The Bank is committed to delivering personalized service, convenient access and competitive rates to support the needs of the business community. First Sound Bank offers online banking at www.firstsoundbank.com plus an expansive banking network in the western U.S., as well as ATM banking throughout the country and abroad.
SOURCE First Sound Bank
Copyright 2013 PR Newswire More FSWA Messages Latest First Sound Bank (seattle Wa), FSWA Messages I don't think it really matters if FSWAillegal_alias • Fri May 31, 2013 11:27 PM
I made my money in C in 2008-0956Chevy • Fri May 31, 2013 2:57 PM An r/s wouldn't matter since many of theseillegal_alias • Thu May 30, 2013 8:23 PM To put FSWA's BV as it relates to56Chevy • Thu May 30, 2013 5:52 PM 56Chevy, to build on your comments, I recentlyillegal_alias • Thu May 30, 2013 4:42 PM So, Salty, where do you see this stockillegal_alias • Sun Apr 28, 2013 11:16 PM As long as its traders in this and56Chevy • Sat Apr 27, 2013 8:04 PM It appears that both reality as well asSaltyMutt • Sat Apr 27, 2013 10:37 AM Maybe Sir Isaac Newton would be a betterSaltyMutt • Wed Apr 17, 2013 7:32 PM When it comes to this bank and Mr.SaltyMutt • Tue Apr 2, 2013 9:56 PM It's Thursday March 28th and the pps just56Chevy • Thu Mar 28, 2013 4:32 PM The slow and steady price decline has begun. ProspectiveEnterprising Investor • Thu Feb 28, 2013 4:42 PM
Are the new shares restricted or can they56Chevy • Sat Feb 23, 2013 3:57 PM Rule 506 Exemption used in the past.Enterprising Investor • Sat Feb 23, 2013 7:15 AM Are the new shares restricted or can theyjokerwild477 • Sat Feb 23, 2013 6:23 AM I called and spoke with Mr. Fahey today56Chevy • Fri Feb 22, 2013 3:50 PM I needed to edit my last post and56Chevy • Fri Feb 22, 2013 3:30 PM Price paid per share was not disclosed. I calledEnterprising Investor • Fri Feb 22, 2013 4:29 AM You gotta love the way Mr. Fahey dug56Chevy • Thu Feb 21, 2013 10:53 PM FSWA raises $7.9M, gets exit from TARP (2/21/13)Enterprising Investor • Thu Feb 21, 2013 7:59 PM
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I don't think it really matters if FSWA does an r/s or not since they are not a reporting company. Potentially more upside if they don't in terms of multiples that can be achieved from current PPS if earnings increase. Yes, Boves' criteria doesn't factor in with stocks like FSWA. I think price to BV will be the guiding factor.
I made my money in C in 2008-09 when I bought it at 1.23/share and sold in the $4's. Paid my car off in 7 months.
Ahh but you had 2 things with C you don't have with FSWA - liquidity...and the entry pps wasn't anywhere near 6x bv.
But I'm glad you paid off the car...well done! Kinda nice when the bank pays off the car loan...what a concept eh!
These small unknown banks are priced all over the lot and Boves' strategy can't be applied yet...but there are a few wherein that opportunity exists right now.
Are you saying FSWA shouldn't do a r/s?...or wouldn't do a r/s?
It doesn't matter to me that they're not a reporting company...I think they should.
An r/s wouldn't matter since many of these have deregistered with 15-12g filings and/or always were Reg D offerings. The only time I would pay more than BV is if fundamentals had kicked in full stream and the stocks had a record of profitability with a PE inline with their market segment.
I made my money in C in 2008-09 when I bought it at 1.23/share and sold in the $4's. Paid my car off in 7 months.
To put FSWA's BV as it relates to its current market price into perspective - Would you be willing to pay 6X BV for C ? or BAC?
I'm sure the answer is 'Oh h*ll no'!..that would be my answer too! lol.
At some point fundemantals matter ...and when they do you'll see this drop to its rightful value. I don't mean that as a slam on the bank...I'm on record as saying I like the bank because of its management...but the current pps is way too big for its britches.
What would sober up some of these small-ball players? I can think of something that would do it in a heartbeat - If Management were to announce a reverse spilt. It could happen.
I'm not saying it is ...there's been nothing official said...but at some point management has to consider it.
Of course, he was talking about the bigger banks but the gist of his formula is to buy at no more than 1.5X BV and sell at 2.5X BV. That would mean buying below 0.057, close to what the investors paid and supports your argument.
First Sound Bank 925 Fourth Avenue, Suite 2350, Seattle, WA 98104
First Sound Bank is a Seattle-based and locally-owned commercial bank offering a full range of banking services tailored for business and personal financial needs.
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