Syringa Bancorp (fka SGBP)

[illegal_alias]

Syringa continues hiring - mortgage loan processor - https://syringabank.com/files/career/Mortgage_Loan_Processor.pdf

[illegal_alias]

OK. No, don't follow FFIS. Was busy yesterday with the wild ride that FNMA went thru. Made a few bucks on the first dip.

[BigCat]

Just that someone dropped the ask to .0549 for 20,000 shares

Did you see FFIS today?!?!

[illegal_alias]

How so? Haven't looked at L-2 today.

[BigCat]

Either someone is attempting to corral this little buckin' bronco or They're is trying to get outta dodge.

[BigCat]

I was just playin' dumb. ;)

[illegal_alias]

You're the one who got to much sun.. See http://investorshub.advfn.com/boards/read_msg.aspx?message_id=88286328

third paragraph. LOL.

More sun!!

[BigCat]

You must be dreamin'. Too much sun over the long weekend.
Syringa at about a 70. In addition their capital and reserves combined well exceed all the 'Failed Banks'. At the high end of the Failed Banks' spectrum, cash on hand was about 6mil. Syringa exceeds that by 3mil. Most were well under 3 Mil.

[illegal_alias]

LOL. Is it deja vu all over again, or did you send me a similar reply on another stock a few days ago?

[BigCat]

Nice observation. Syringa lookin' like it may succeed.
First quarter is usually the hardest quarter to get through due to taxes... Maybe next quarter will tip closer toward profitability.

[illegal_alias]

Syringa Bank mentioned in passing in article on bailout
http://www.idahostatesman.com/2013/05/29/2594295/federal-investment-in-banks-stays.html

[illegal_alias]

Syringa first qtr loss down to $757K from $2.5 million 4th quarter 2012. Going in right direction.
https://cdr.ffiec.gov/public/ManageFacsimiles.aspx

[illegal_alias]

So far, it appears that the FDIC has only shut down banks with troubled asset ratios over 200% and an upward trend in those ratios. Go to http://banktracker.investigativereportingworkshop.org/failed-banks-2013/ and click on any of the banks. Ditto for 2012.

Syringa is trending in the right direction.

[SaltyMutt]

I think you're right SCREAMING EAGLE, this bank is well worth the risk. I believe a small investment now will lead to a nice pile of cash later. SGBP has been making a good move toward being profitable and if they arn't this quarter, I think they will be very close. Assuming the FDIC keeps the "hands off policy" it has adopted toward regional banks with improving financials, Syringa could be "sporting" a very pretty pps by the end of the year.

[SaltyMutt]

Others are indeed interested in SGBP and I think that interest is only a couple to three months away from growing substantially.

[BigCat]

Good to know that others are interested.

[illegal_alias]

Not all me.

[BigCat]

As did I Sir, as did I.
Would be nice to see it appreciate before our eyes.
32,500 in volume today. All You?

[illegal_alias]

OK, so I just rolled the dice on this one...

[BigCat]

Yeah, Ya never know.
I grabbed a few cheapies.

[BigCat]

Understood. Just a little action is all.
You have to admit progress on behalf of the bank though. They had a decent capital raise and they went from a loss of 5mil to a loss of 2mil from 2011 to 2012.

[illegal_alias]

The few transactions may just be speculation. Not a lot of $$ traded.

[SCREAMING EAGLE]

I'm curious about this bank. I think it is worth a gamble at this point.

[BigCat]

Thanks for the explanation. I definitely see why you're hesitant to grab a few.
I think the main reason I find this one attractive is simply the price. If I can grab a few shares under .10 with the chance of a turnaround, I'm willing to take that risk. It seems as if a turnaround in share price may be brewing based on the last two trading days. Only a few transactions but it's a start.

[SaltyMutt]

Just my guess but I'm thinking we arn't too far away, maybe one to three months, when investors will have to reach a little bit higher to give SGBP a love tap.

[BigCat]

Little bit of action here the last couple of trading days.

10K taken at .05 and .06 Friday and Today respectively... Even a little love tap at a dime today.
Interesting...

[illegal_alias]

It's a certain lack of transparency. Also, it makes trying to interpret financials much harder when there is a bank holding company. It's the bank holding company that actually goes dark; the bank still reports to the FDIC. However, the holding company incurs salaraies and costs which comes off the top of the bank profits. So, the bank might be profitable, but when the holding company costs come off, there could be a loss for the quarter. If BCAR went dark, it might cause the pps to drop. Not sure.

[BigCat]

What about going 'dark', 'private' or 'deregistering' makes you so apprehensive to invest?
On the positive side of things it can save a bank on the brink of going belly up to save a couple hundred thousand dollars and inch them closer to good financial standing or even profitability. If BCAR were to Deregister what kind of effect do you think that would have on share price?

[illegal_alias]

Haven't looked further into it. Don't like the fact that they went dark, although they do have to report to the feds

[BigCat]

Anyone want to contact Scott Gibson, CEO of Syringa Bancorp?

[BigCat]

Excerpt from letter: "If you have ques- tions or interest in purchasing shares of Syringa Bancorp, please contact me directly".

It also states on the same web page: OTC BB, SGBP

https://syringabank.com/files/shareholder_newsletter_2011_05.pdf

May 2011

Message From Our President Dear Shareholders,
We continue to make progress in our capital raising efforts with $1.7 million in executed offering subscriptions and another $9.0 million held in escrow toward the purchase of assets and common stock separate from the offering. All $10.7 million currently held in escrow has come from local Idaho investors, which includes 100% board of director and executive officer participation.
The capital offering is scheduled to expire on September 15, 2011 and we have a need for $4.8 million in additional investment to reach our goal. Successfully enhancing capital levels will positively impact each of our four key performance metrics. Not only will new capital increase our regulatory capital levels, but additional capital will reduce our classified assets ratio, contribute directly to higher earnings, and further improve our liquidity position. If you have ques- tions or interest in purchasing shares of Syringa Bancorp, please contact me directly.
Although the last few years have presented challenges, we remain focused, excited and confident that we will emerge from these trou- bled economic times stronger and better positioned to take advan- tage of the economic opportunities ahead in the great state of Idaho. The Syringa Bank team is passionately committed to our vision, val- ues, and the ability to provide all customers an extraordinary banking experience.
Enclosed you will find Syringa Bancorp’s financial statements for the first quarter of 2011.
As always, we appreciate shareholder feedback. Thank you for your continued support.
Scott Gibson
President and Chief Executive Officer

[BigCat]

Any further information as to the status of stock in SGBP?
Someone took 10K off the market today @.05 and then the bid up ticked to .05... Good Sign? I think so...

[56Chevy]

Syringa Bank did take TARP Jan. 16, 2009

Total TARP funds owed: $8,000,000

[SaltyMutt]

Mon Apr 25, 2011 12:41pm EDT


Syringa Bancorp Reports $10.7 Million in Escrow

Syringa Bancorp (OTCBB: SGBP) today announced that proceeds in the amount of $10.7 million have been placed into escrow for investment in Syringa Bancorp common stock and purchase of certain classified assets of Syringa Bank. “All $10.7 million currently held in escrow has come from local Idaho investors, which includes 100% Syringa Bank and Bancorp board of director and executive officer participation. The Board of Directors has elected to extend the offering until September 15, 2011 in order to give potential investors further opportunity to invest,” said Scott Gibson, President and CEO.

On March 31, 2011, the Board of Directors of Syringa Bancorp and Syringa Bank entered into a Term Sheet Agreement with an existing large shareholder to substantially increase investment in Syringa Bank. The terms of the transaction are subject to certain conditions and approval by applicable state and federal regulators.

“The commitment made by these local Idaho investors demonstrates a strong vote of confidence in the bank, board and management team. It also reflects the confidence these same Idaho investors have in the future of our local communities and the critical role community banks will serve in assisting with the economic recovery,” stated Gavin Gee, Director, Idaho Department of Finance.

“Syringa Bank is a premier independent community bank that is committed to providing personalized service beyond the expectations of our customers by developing close, long-term relationships. We strive for excellence in everything we do and continually pursue new and enhanced ways to serve our customers. With this announcement of escrow, I am more assured than ever about the long-term vitality of the Bank and it certainly positions us well to achieve our capital goals and be very well-positioned for sustainable growth, customer service and profitability into the future,” said Gibson. “I believe we have a strong foundation and our best years are yet ahead. The Syringa management team is confident that the bank will emerge from this economy strong and ready to embrace all future opportunities and challenges. I would personally like to thank our board for their leadership, the employees for their dedication and our shareholders and customers for their continued support,” concluded Gibson.

Syringa Bancorp was organized in April 2005 as a holding company of Syringa Bank. Syringa Bank was formed in 1996 and has since expanded to six full service branches located in Boise, Meridian, Eagle, Middleton and Lewiston, Idaho. Syringa Bank is an Idaho state-chartered commercial bank.

Statements in this report regarding future events, performance or results are “forward-looking statements” within the meaning of the Private Litigation Reform Act of 1995 (“PSLRA”) and are made pursuant to the safe harbors of the PSLRA. Actual results could be materially different from those expressed or implied by the forward-looking statements. Factors that could cause results to differ include but are not limited to: general economic and banking business conditions, competitive conditions between banks and non-bank financial service providers, interest rate fluctuations, regulatory and accounting changes, risks related to construction and development, commercial real estate and consumer lending and other risks. Forward-looking statements are accurate only as of the date released, and we do not undertake any responsibility to update or revise any forward-looking statements to reflect subsequent events or circumstances.




Syringa Bank,
Scott Gibson, President and CEO, 208-947-9655
Sydney L. Mills, SVP Shareholder Relations, 208-947-9657
www.syringabank.com

[SaltyMutt]

Regulators see progress as Syringa Bank works on finances

Published: August 21, 2012

90-day limit: In May, the Federal Deposit Insurance Corporation gave Boise-based Syringa Bank 90 days to beef up its capital levels or face the possibility of putting itself up for sale.

So what happened? Three months later, state regulators say they are pleased with the progress Syringa Bank is making at shoring up its finances. The bank has $10.7 million in an escrow account that it can access when certain conditions are met to help it get rid of problem loans and put more money into the bank. Syringa officials won’t say what those conditions are.

Whittling away problems: In the meantime, the bank is reducing the number of problem loans and loans that are not accruing interest — both ways that help strengthen the bank.


http://www.idahostatesman.com/2012/08/21/2239225/regulators-see-progress-syringa.html#storylink=cpy

[SaltyMutt]

Syringa Bank works to beef up its finances

Published: August 20, 2012


By Bill Roberts


Syringa Bank is working to improve its financial health three months after regulators gave it 90 days to boost its capital level or face putting itself up for sale.

“Are we satisfied with the bank’s efforts? We certainly are,” said Mary Hughes, financial institutions bureau chief for the Idaho Department of Finance, one of Syringa’s regulators.

In May the Federal Deposit Insurance Corp. issued an order telling Syringa to make improvements. But that order doesn’t mean there are automatic repercussions if the bank doesn’t meet regulators requirements, Hughes said.

“We are working very closely with them.”

Syringa Bank was hard-hit with problem loans as the housing market tanked in the Treasure Valley during the recession. The May order was the second received by the bank. In 2010, regulators told Syringa to beef up its Tier 1 capital — the ratio of a bank’s equity to loans and other assets — and reduce its problems loans.

Regulators want the bank’s capital level at 13 percent. It is now at 3.9 percent.

Syringa has $10.7 million in an escrow account — most of it from one investor — that can help the bank by both increasing capital levels and selling off problem loans once the bank can meet a set of requirements that officials won’t disclose, said Scott Gibson, Syringa Bank president and CEO.

Meanwhile, Syringa has sold off many of its problem loans and reduced the number of loans not accruing any interest from $9 million a year ago to $3.7 million in June.

Once Syringa can access the $10.7 million, it will be able to boost its capital level beyond 10 percent, which regulators consider well capitalized, Gibson said.

Syringa is based in Boise and has locations in Meridian, Eagle, Middleton and Lewiston.

[SaltyMutt]

This article on SGBP is almost a year old but I still thought that it should be posted.


Boise-based Syringa Bank faces new deadline to raise money

Published: May 3, 2012

By BILL ROBERTS — [e-mail]


Syringa Bank put forward two plans in 2011 and 2012 to boost its capital reserves to meet concerns of state and federal regulators who ordered improvements in September 2010. The regulators rejected both plans.

Now the Federal Deposit Insurance Corp. has issued Syringa a new notice, called a Prompt Corrective Action, directing the bank to strengthen itself financially over the next 90 days. The notice came with a threat to Syringa’s independence: If the bank can’t raise the money regulators say it needs to support its loans, regulators may force a sale or merger.

Bank officials say they are working to meet the order.

Syringa Bank’s capital level is as at 6.2 percent of its assets. The FDIC wants it at 10 percent.

Syringa had $153 million in deposits last June in the Treasure Valley, ranking 14th among Treasure Valley banks in market share, according to the FDIC.

The bank faced problems with its loans as the Valley’s real estate market imploded a few years ago.

Syringa raised $10.7 million from investors a year ago, but that money cannot flow into the bank as capital until Syringa meets a series of requirements, said Scott Gibson, bank president and CEO and a member of the boards of the bank and its holding company. He declined to discuss the requirements.

Some other banks doing business in Idaho didn’t have that kind of commitment while they were working with regulators to shore themselves up financially, said Gavin Gee, the Idaho Department of Finance director, whose office regulates Syringa along with the FDIC.

“They still need to raise some additional capital,” Gee said, but “just the fact that they have the $10.7 million is a huge positive.”

Meanwhile, Syringa says it has made progress elsewhere. Syringa’s problem loans are down by 50 percent, Gibson said.

Bank overhead was reduced by $750,000 between 2010 and 2011, and the bank has $20 million in cash to meet customer demands, he said.

Syringa is one of six banks doing business in Idaho that are still under orders from regulators to improve their finances. Most are dealing with the repercussions of the real estate market.

Read more here: http://www.idahostatesman.com/2012/05/03/2100989/syringa-bank-faces-new-deadline.html#storylink=cpy

[illegal_alias]

I would agree, hence the post. Question I have. The stock is publicly traded, although it is all reg D stock, at least from the offerings from 2009 to present. However, many of the staff have profiles on Linkedin and the company is described as privately held. So, is the stock a holdover from when Central Illinois and Marine banks were separate entities? and, is it technically worthless?

[SaltyMutt]

I consider the bank hiring someone as a neutral to good sign. It is certainly not a negative from our point of view.

[illegal_alias]

Syringa Bank hiring as of 2 weeks ago: https://labor.idaho.gov/idahoworks/es/jobsearch/(X(1)S(yseu5pjukuzvjbtugpsmkrvt))/details.aspx?id=ID1455102&jsQuery=&jsLocation=MORAN&jsRowCount=20&jsCurrentPage=101&jsDistance=50&jsPostTime=&jsHours=&jsLength=&jsSOC=&jsSortBy=PostDate

[illegal_alias]

Latest news I can find on Syringa Bank (so far) - http://www.idahostatesman.com/2012/08/21/2239225/regulators-see-progress-syringa.html

Looks like they dodged the worst. Now, can they make progress?

[illegal_alias]

Yeah, I looked at Banktracker and found some older stuff from the Fed Res Bank of SF. Looked at conflicting reports as to whether or not they took TARP money. You know? Last I can figure, they turned it down and have investor money in escrow. At least their Texas ratio trend is going the right direction

[SaltyMutt]

As it turns out they do owe TARP money. I really don't know how I missed that. Maybe I can blame it on my grey hair.

[SaltyMutt]

You certainly won't find too much on them other than what banktracker has to say. The only positive thing you can say about this bank is that they are going in the right direction, at least they were. But even if they are going in the right direction, the question becomes, are they going in the right direction fast enough? Whether they can still lose millions and stay in business or only one nickle more before the FDIC slams their doors shut is a mystery to me.

[illegal_alias]

The problem is where to find current info since this is a Reg D company.

[SaltyMutt]

If anyone has an urge to "swing for the fence", SGBP just might be your stock. This bank is moving in the right direction and they don't owe TARP money but they still have a very long way to go. If by some miracle the FDIC doesn't slam the doors shut this year, SGBP could be a grand slam.