First South Bancorp (fka FSBS)

[Renee]

FSBS: Cash merger; FSBS acquired by First-Citizens Bank & Trust Company (NASDAQ: FCNCA, OTC: FCNCB); for every 1 share of FSBS shareholders have the right to receive $1.15 in cash

FINRA deleted symbol:

https://otce.finra.org/otce/dailyList?viewType=Deletions

[SaltyMutt]

With a 3rd quarter profit of 513K, it would seem that Barry has FSBS going in the right direction.

[SaltyMutt]

I had lost faith at one time and began to think that FSBS was going down the tube. It still might just do that but, for now, I'm thinking the bank will make it. However, my faith hasn't grown to the point that I would spend .40 a share to get back in.

[BigCat]

Also notice that their capital position has increased even though they continue to lose money quarterly. Their troubled asset ratio continues to drop as well...
http://banktracker.investigativereportingworkshop.org/banks/south-carolina/spartanburg/first-south-bank/

[BigCat]

This one boggles me as well... Still hanging on and honestly I didn't expect this one to hang on this long... But alas, here it stands.

[SaltyMutt]

FSBS has always made me wonder. I don't know why but I still have a feeling that this bank is going to "live". I guess I could be thinking that because Barry Slider, the CEO, was the driving force in the creation of this bank and still, to my knowledge, has money as well as a large part of his life tied up in it. I realize that means nothing to the regulators at the FDIC or anyone looking for objective data so they can judge whether the bank is a reasonable bet or not but I do think it counts. It seems to me that if one is truly committed to reaching a goal and pours a life's effort into attaining that goal, then by hook or crook that goal will at some point be in his grasp. Now after this little "stump speech", I bet First South is closed come Friday.

When I attended the shareholders meeting in May 2013 I think it was, I told Barry that the one branch I was worried about was the one on Main Street in Columbia SC. He asked why so I told him "I'm worried because it's probably less than 200 yards from the State House and I think the politicians are probably planning a raid on the vault as we speak." I guess he got worried about that too.

[56Chevy]

Bang!

First South Bancorp, (FSBS)
$0.51 up 0.21 (70.00%)
Volume: 10,000

*Moves like this with no news make you wonder.

[SaltyMutt]

FSBS had a 99K loss for the first quarter of 2014.

[SaltyMutt]

In my opinion, FSBS has one heck of a CEO in Barry Slider. If anyone can pull this bank out of the fire, he can!

[BigCat]

Dramatic drop in TAR for FSBS!

http://banktracker.investigativereportingworkshop.org/banks/south-carolina/spartanburg/first-south-bank/

[SaltyMutt]

FSBS is hanging tough. I can see where the pps could easily blow past the buck level on any kind of good news.

[BigCat]

Looks like FSBS is doing quite well... Healthy bid support currently!

[SaltyMutt]

Hey ballstreet. Great to see you! We will be looking at the next report around the 15th to the 20th of January 2014.

Stop by The Bank Recovery Room if you get the chance. We would love to have you join us.

[ballstreet]

Hey ole buddy
75% Nice
When is the next report?

[1center]

FSBS..0.30 Nice to see a lil buy action

[1center]

First South Bank..Net income increase about 1.1m over
the same period last year. I'd say it's looking a lot better.

[1center]

The bank put out the call report, FSBS only puts out a report
At the end of the year. They are doing better this year.

09/30/2013 latest

http://www2.fdic.gov/idasp/confirmation_outside.asp?inCert1=34222

OR

https://cdr.ffiec.gov/public/Reports/UbprReport.aspx?rptCycleIds=75%2c71%2c72%2c67%2c63&rptid=283&idrssd=2491291&peerGroupType=&supplemental=

[radar72]

Anyone know when next earnings come out?

[SaltyMutt]

I just came from the FFIEC site. Thus far, nada.

[1center]

FSBS..Maybe the call report tells us something when it comes out.

[SaltyMutt]

I agree with you 100% about Barry. I met him at the stockholders meeting in May of this year. I loved the no bovine scat approach he took when talking about the condition of First South. Thus far, he and those who work with him have been performing miracles. The bank was losing over 15 million a year and now they are on the verge of being profitable and probably will be this quarter. If the FDIC will continue to keep their hands off of FSBS, this could be one of the biggest bank turnarounds of the year.

[1center]

I can tell you from speaking with Barry he has the qualifications and motivation to turn this bank around, having invested his own money's
In FSBS. That was earlier this past summer when I talked with him.

[SaltyMutt]

If FSBS shows us some good numbers this quarter we need to set Barry up to a burger, fries, and onion rings at the Beacon.

[radar72]

I hope so! This is a small regional bank that hit tough times on the real estate crash but it looks like they have some very qualified people and might just turn things around (IMO). Crossing my fingers. It used to trade around $20. I'd be totally psyched with $3 to $5 or a buyout.

[SaltyMutt]

I was cheering the bank on while sitting on a little dock in a salt marsh. The rising pps took a little of the sting out of only catching a couple of fish.

[SaltyMutt]

If the 3rd quarter turns out to be a good one, I think the pps will probably sail past a buck.

[SaltyMutt]

If the 3rd quarter turns out to be a good one, I think the pps will probably sail past a buck.

[radar72]

I've been picking up a few thousand FSBS here and there when I feel like it over the past year and have a decent size position now. Seems like they won't let you buy a big chunk all at once. Super low float here. Interesting small bank with a decent chance at recovery IMO.

[56Chevy]

wow...FSBS suddenly came alive. Now I'm kinda sorry I ignored this so long. Ya snooze ya lose! :(

Congrats to the shareholders...keep it going!

[radar72]

Yeah same here. Actually this is the only thing I'm holding at the moment!

[SaltyMutt]

I'm still here with you. I think we are going to do well with the 3rd quarter report.

[radar72]

Nice little move up today. Still holding my shares here and waiting for something to happen.

[SaltyMutt]

It was nice to see the FSBS bid creep up another penny today.

[rjbluesky]

Someone needs to go ahead and clear out the FSBS $.35 ask of 5K.

[radar72]

Nice pop today! Still holding all mine.

[SaltyMutt]

I would love to grab 10,000 more shares under .10. Yes, I am very realistic about the possibility of the FSBS doors being slammed shut by the FDIC but I don't think that is going to happen. A green report, assuming that happens next quarter, will push the pps over .60 and keep it there.

[BigCat]

Welp, I'd prefer if it stayed at .60 but at least this gives people an opportunity to buy shares much cheaper. Activity is good...

[SaltyMutt]

It's nice to see the ask come down some. That should promote a little more activity.

[BigCat]

Some activity here today... Someone wants some FSBS.

[illegal_alias]

I'd argue that CIBH is less transparent than BCAR simply because filing a 10Q or 10K contains all of the info, even more than what CIBH reports. Here's why: the call report only reports the financial performance of the bank itself and does not incorporate expenses incurred by the holding company. Money disappears between the bank and holding company. Quarterly shareholders letter is just good PR when you are non-reporting. But, that is one reason I like CIBH over other non-reporting companies. Next best thing.

[BigCat]

I'm there with ya IA. I'm hopeful on this one but it's hard to argue with he numbers.

Despite being non reporting.... CIBH is arguably more transparent than even BCAR. They inform us on every front of their operations, and saving 200-300K annually by not reporting to the SEC isn't a bad move in my opinion. Did BCAR issue a letter to shareholders for the 2nd Quarter yet?

[illegal_alias]

I take calculated risks, too, but this one has 3 strikes against it already. Generally, my criteria are: 1) troubled asset ratios of 100 or less with a trend towards decreasing that number; 2) improving financials with successively smaller losses if not profitable; and, 3) successively increasing Tier 1 capital ratios. Additionally, prefer fully-reporting companies over non-reporting. That is why BCAR is my favorite of the bunch. It's the most transparent.

[SaltyMutt]

The regulators could indeed swoop in at any time and close this bank down. I wouldn't be surprized and I'm sure no one else would be either. When I attended the shareholdes meeting in May, I think it was, the CEO's 2nd or 3rd sentence was, "The bank is hanging by a thread."

For whatever reason, I have a gut feeling FSBS just might make it. Although they are losing money, their losses are far less than it was a couple of years ago and they keep on improving. In fact, the bank was on track to be profitable this quarter but it appears the month of June kicked their butt.

I do think First South needs to show a profit and show it soon! I assume that if a profit isn't shown during the next two quarters, their days are numbered. There ia no way I would ever put a lot of money in this bank but I do have some. I guess I just love betting on long shots.

[radar72]

I guess we'll just have to wait and see. Decent volume today at least.

[illegal_alias]

Hope so, too, but look at the chart of any bank, and you don't shed that much that fast. At best maybe 35 percentage points in a quarter - they are at 400 or so. Also, the trend is up, not down. All of the banks that have been closed in the past year an a half had ratios over 150, though the vast majority over 200. FSBS's worries me that regulators would come in and shut it down.

Their Tier 1 Capital ratios are significantly below where they need to be, then another red flag. Plus, they are losing money.

Doesn't add up as a viable bank. I'll pass.

[BigCat]

It's a concern of mine as well IA. Anxious to see what their TAR looks like after this past quarter and going forward.

[radar72]

Yes, BUT that chart is only current as of March. Hopefully, they were able to shed some junk in the past 4-5 months.

[illegal_alias]

That would be nice, but FSBS's troubled asset ratio is what bothers me about this one:

http://banktracker.investigativereportingworkshop.org/banks/south-carolina/spartanburg/first-south-bank/

[radar72]

Still holding mine! Looking forward to improvements later this year.

[BigCat]

Welcome to FSBS!!!

Good Luck!!!

This Bank certainly has some improvements to make but I'm optimistic that they'll pull it out... Looks like there are still some shares sittin' there at .15. Tempting.