Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
HUGE gapper....that's what I see too.
gapper? i see 2 dollar on the ask
market cap is only 140k now. http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=9007025,and then about 20% of OS has been bought:
$0.0300 13,900 OTO 01/08
$0.0300 5,179 OTO 01/08
$0.0300 10,333 OTO 01/08
$0.0300 15,583 OTO 01/08
$0.0300 9,417 OTO 01/08
$0.0300 71,500 OTO 01/08
$0.0290 37,612 OTO 01/08
$0.0250 12,388 OTO 01/08
$0.0250 60,000 OTO 01/08
$0.0180 10,000 OTO 01/08
$0.0180 10,000 OTO 01/08
$0.0180 1,000 OTO 01/08
Ash....glad I decided to pick up a few shares (at .009) although I had my reservations I couldn't resist such a small O/S and float! Had a question for you....what filing are you speaking of? (you said there was a first filing in 3 years) Do you have a link? Also....like I said a few days ago, it amazes me that this Holding Company has not filed bankruptcy yet. Normally after the FDIC seizes the bank of a holding company....the holding company files bankruptcy soon thereafter because creditors are knocking down the door. (Bank was seized near the end of 2011) It has been over a year but no bankruptcy filing! This makes me think there may be little debt and perhaps the shell will be sold to a viable company! We could be sitting on a rocketship with WFSC!
maybe a few after .068
Would like to know where the hiden orders sitting ??
025 /0335/068 >> Never showed up on L2 >>> today !!!!
$WFSC >>> $-Dollar-Land setup !!!!
that's my point,taking over possibility
ahahaha maybe we'll buy the rest eh? Do some DD here....Do you know the company? or ways to get hold of them?
ETRF now has the last shares.float has been bought completely
WFSC >> ask .3
bid need to move UP !!
I see .013 Atdf .30 ETRF
GONNA BE EPIC.ETRF still there?if uting tmr.get ready for dollarland
I saw where did it come from! ahahahah
$WFSC 068 Tappaaaaaaaaaaaaaaa
Bid coming up but doubt anyone is getting .013 WFSC
I'm selling at $2.00 :) GO WFSC!
.30 might seem like nothing soooon.......WFSC
and a filing was out after almost 3 years...
Now I'm more convinced of an update....this thing has been being loaded the last couple weeks.....
last shares waiting at .3 then nothing.if ETRF will move higher we can go to the bank.
yep,less than 1m float,1 PAR VALUE!!!!
I started buying long time ago! Didn't know it was this thin.....WFSC
I was here when somebody bought 20% of o/s,after fitst filing in years out,weeeeeeee
Ash! Nice to see you! This thing is silly thin......ATDF thinks he's getting .012......ahahaha
This is nuts! Slap that .30 to 2.00 not a shabby trade........
Some1 >> slap da askkkkkkkkkkkkkkkkkkkkkkkk
I know ahahahaha Shoot....
Wowwwwwwwwwwwwwwwww >> talking about thinnnnnnnnnnnnnnnnnnnn
Ask just went to .30......WFSC
The continuing action is interesting-Falls with tiny hits.....
ASK wide open >> tiny sizes !!!!!
.035 hit WFSC
025 >> asking 035
Thnx...looking forward to seeing this run bigly...
Nice pick up !!!
Sure, if I find out anything I will post....GLTY.
Yeah the action is interesting! If you do contact them, mind posting? See if we can get an understanding! ahahahaha My shares look great........
My .009's are looking great from the other day :) going to hold for big gains. When I get a chance (if there is no BK filing beforehand) I would like to try to contact some of the bank's former executives and see if they can give me some info on what debt remains with the holding company. It would be great to find out that there is perhaps little debt....that would mean great potential here. GLTY
.023 .026 fell-.027 up 85%
Exactly what I was thinking and why I'm just holding here (speculation) But you said it well and yeah the low float is nice, moves on air-
I picked up 25K at .009 a few days ago. Reason being, although Ashville Bank was Weststar's only asset (seized by the FDIC) The holding company/trading shell is still in tact. I would sincerely like to know how much debt the holding company had, because in some cases a company might take on the debt (depending how much debt) in order to acquire the shell. Some form 4 sells were made by directors in the holding company stock in 2012 (not a good sign) but again on the flip side what intrigues me is that the holding company has not filed for bankruptcy yet and the bank was seized near the end of 2011. You would think creditors would be knocking down the holding company's door and a bankruptcy filing would have already happened by now. Anyway, insane low O/S and float here...and we know what a low floater like this can do!
Yeah I have noticed the playing with the L2 going on the last couple weeks- Shot up like twice last week-1 hit 2 hit type trades- WFSC
$WFSC >> gonna explode One of these days !!
seems like someone is testing the waters from time to time !!>> To see how thin it is !!!!!!!
Nice bought long time ago.... Thanks Carlito....WFSC
$WFSC .03 >>> 015 X 03 >>> paperthinnnnnnn
Whats popping this today? WFSC
Followers
|
9
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
168
|
Created
|
10/18/08
|
Type
|
Free
|
Moderators |
Weststar Financial Services Corporation Has No Investment in Freddie Mac or Fannie Mae Stock
https://www.bankofasheville.com/
Home Page:
Corporate News: http://finance.yahoo.com/q?s=WFSC.OB
ASHEVILLE, N.C., Sept 18, 2008 /PRNewswire via COMTEX/ -- The U.S. Department of Treasury and the Federal Housing Finance Agency recently announced that Freddie Mac and Fannie Mae were being placed under conservatorship; control of their management is being transferred to the Federal Housing Finance Agency. In conjunction with this action, Freddie Mac and Fannie Mae have been prohibited from paying dividends on their equity securities, which has resulted in a significant loss in value of such equity securities. The decrease in value may result in "other-than-temporary impairment" write-downs during the third quarter for those financial institutions that hold these securities in their investment portfolios. Weststar Financial Services Corporation (OTC Bulletin Board: WFSC), parent of Bank of Asheville, does not hold any equity shares of either Freddie Mac or Fannie Mae in its securities portfolio, and therefore is not exposed to any potential charge to third quarter earnings as a result of "other-than-temporary impairment" of Freddie Mac or Fannie Mae equity securities.
This news release contains forward-looking statements. Such statements are subject to certain factors that may cause the Company's results to vary from those expected. These factors include changing economic and financial market conditions, competition, ability to execute our business plan, items already mentioned in this press release, and other factors described in our filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's judgment only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events and circumstances that arise after the date hereof.
SOURCE Bank of Asheville
Weststar Financial Services Corporation & Subsidiary | ||||||||
Consolidated Balance Sheets | (unaudited) | |||||||
| June 30 | December 31 | ||||||
| 2009 | 2008 | * | |||||
ASSETS: | ||||||||
Cash and cash equivalents: | ||||||||
Cash and due from banks | $ | 4,930,563 | $ | 4,200,866 | ||||
Interest-bearing deposits | 11,780,364 | 218,912 | ||||||
Total cash and cash equivalents | 16,710,927 | 4,419,778 | ||||||
Investment securities- available for sale, at fair value | ||||||||
(amortized cost of $22,726,225 and $23,750,009, at | ||||||||
June 30, 2009 and December 31, 2008, respectively) | 22,998,342 | 23,778,449 | ||||||
Loans | 180,614,075 | 171,239,692 | ||||||
Allowance for loan losses | (2,847,508 | ) | (2,529,981 | ) | ||||
Net loans | 177,766,567 | 168,709,711 | ||||||
Premises and equipment, net | 2,538,516 | 2,652,007 | ||||||
Accrued interest receivable | 1,037,103 | 1,030,460 | ||||||
Federal Home Loan Bank stock, at cost | 592,300 | 585,600 | ||||||
Deferred income taxes | 919,408 | 810,921 | ||||||
Foreclosed properties | 243,006 | 205,006 | ||||||
Other assets | 717,950 | 667,040 | ||||||
TOTAL | $ | 223,524,119 | $ | 202,858,972 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Liabilities: | ||||||||
Deposits: | ||||||||
Demand | $ | 28,132,451 | $ | 22,251,288 | ||||
NOW accounts | 31,220,375 | 18,319,836 | ||||||
Money market accounts | 29,217,039 | 31,416,333 | ||||||
Savings | 2,600,623 | 2,207,173 | ||||||
Time deposits of $100,000 or more | 26,796,346 | 26,799,682 | ||||||
Other time deposits | 77,482,512 | 69,819,794 | ||||||
Total deposits | 195,449,346 | 170,814,106 | ||||||
Short-term borrowings | 4,816,087 | 5,919,140 | ||||||
Accrued interest payable | 564,453 | 565,105 | ||||||
Other liabilities | 1,169,074 | 926,050 | ||||||
Long-term debt | 4,124,000 | 8,124,000 | ||||||
Total liabilities | 206,122,960 | 186,348,401 | ||||||
SHAREHOLDERS’ EQUITY: | ||||||||
Preferred stock, authorized $1,000,000 shares; | ||||||||
No shares issued and outstanding | - | - | ||||||
Common stock, $1 par value, authorized- 9,000,000 shares; | ||||||||
outstanding shares- and 2,146,132 at June 30, 2009 | ||||||||
and 2,125,747 at December 31, 2008, respectively | 2,146,132 | 2,125,747 | ||||||
Additional paid-in capital | 6,215,519 | 6,152,868 | ||||||
Retained earnings | 8,872,292 | 8,214,480 | ||||||
Accumulated other comprehensive income | 167,216 | 17,476 | ||||||
Total shareholders’ equity | 17,401,159 | 16,510,571 | ||||||
Total | $ | 223,524,119 | $ | 202,858,972 |
Weststar Financial Services Corporation & Subsidiary | ||||||||||||||||
Consolidated Statemen t s of Operations (unaudited) | Three Months | Six Months | ||||||||||||||
| Ended June 30, | Ended June 30, | ||||||||||||||
| 2009 | 2008 | 2009 | 2008 | ||||||||||||
INTEREST INCOME: | ||||||||||||||||
Interest and fees on loans | $ | 2,968,095 | $ | 2,574,013 | $ | 5,759,201 | $ | 5,315,518 | ||||||||
Federal funds sold | 160 | 14,172 | 1,132 | 41,176 | ||||||||||||
Interest-bearing deposits | 3,939 | 333 | 4,005 | 1,216 | ||||||||||||
Investments: | ||||||||||||||||
Taxable interest income | 169,191 | 211,462 | 349,073 | 428,939 | ||||||||||||
Nontaxable interest income | 95,221 | 88,184 | 186,857 | 174,721 | ||||||||||||
Corporate dividends | - | 7,214 | - | 14,221 | ||||||||||||
Total interest income | 3,236,606 | 2,895,378 | 6,300,268 | 5,975,791 | ||||||||||||
INTEREST EXPENSE: | ||||||||||||||||
Time deposits of $100,000 or more | 220,283 | 309,269 | 448,812 | 659,594 | ||||||||||||
Other time and savings deposits | 837,982 | 759,155 | 1,701,763 | 1,620,992 | ||||||||||||
Short-term borrowings | 50,388 | 4,683 | 60,114 | 11,817 | ||||||||||||
Long-term debt | 44,601 | 112,185 | 135,638 | 240,021 | ||||||||||||
Total interest expense | 1,153,254 | 1,185,292 | 2,346,327 | 2,532,424 | ||||||||||||
NET INTEREST INCOME | 2,083,352 | 1,710,086 | 3,953,941 | 3,443,367 | ||||||||||||
PROVISION FOR LOAN LOSSES | 221,310 | 150,680 | 475,890 | 188,125 | ||||||||||||
NET INTEREST INCOME AFTER PROVISION | ||||||||||||||||
FOR LOAN LOSSES | 1,862,042 | 1,559,406 | 3,478,051 | 3,255,242 | ||||||||||||
OTHER INCOME: | ||||||||||||||||
Services charges on deposit accounts | 287,680 | 284,172 | 552,335 | 568,019 | ||||||||||||
Other service fees and commissions | 166,932 | 118,568 | 300,612 | 204,804 | ||||||||||||
Equity in loss of Bank of Asheville Mortgage | ||||||||||||||||
Company, LLC | - | (2,551 | ) | - | (16,109 | ) | ||||||||||
Other | 9,979 | 15,660 | 19,851 | 34,169 | ||||||||||||
Total other income | 464,591 | 415,849 | 872,798 | 790,883 | ||||||||||||
OTHER EXPENSES: | ||||||||||||||||
Salaries and wages | 709,874 | 661,919 | 1,391,271 | 1,286,303 | ||||||||||||
Employee benefits | 82,860 | 120,259 | 214,135 | 236,771 | ||||||||||||
Occupancy expense, net | 122,076 | 125,051 | 307,129 | 249,739 | ||||||||||||
Equipment rentals, depreciation and | ||||||||||||||||
maintenance | 102,653 | 119,658 | 201,375 | 233,336 | ||||||||||||
Supplies | 67,585 | 65,039 | 131,858 | 138,502 | ||||||||||||
Professional fees | 74,135 | 88,122 | 151,393 | 160,450 | ||||||||||||
Data processing fees | 156,960 | 135,404 | 310,948 | 277,745 | ||||||||||||
FDIC insurance premiums | 173,808 | 25,619 | 246,212 | 48,159 | ||||||||||||
Audit, tax and accounting | 24,458 | 12,147 | 79,622 | 61,871 | ||||||||||||
Marketing | 80,435 | 70,608 | 173,122 | 132,986 | ||||||||||||
(Income) expenses from foreclosed properties | 70 | 40,908 | 70 | 41,221 | ||||||||||||
Other | 93,962 | 98,654 | 177,629 | 165,897 | ||||||||||||
Total other expenses | 1,688,876 | 1,563,388 | 3,384,764 | 3,032,980 | ||||||||||||
INCOME BEFORE INCOME TAXES | 637,757 | 411,867 | 966,085 | 1,013,145 | ||||||||||||
INCOME TAX PROVISION | 203,888 | 129,384 | 308,273 | 342,525 | ||||||||||||
NET INCOME | $ | 433,869 | $ | 282,483 | 657,812 | 670,620 | ||||||||||
EARNINGS PER SHARE: | ||||||||||||||||
Basic | $ | .20 | $ | .13 | $ | .31 | $ | .32 | ||||||||
Diluted | $ | .19 | $ | .12 | $ | .29 | $ | .29 |
1. | Weststar Financial Services Corporation (the “Company”) is a holding company with one subsidiary, The Bank of Asheville (the “Bank”). The Bank is a state chartered commercial bank, which was incorporated in North Carolina on October 29, 1997. The Bank provides consumer and commercial banking services in Buncombe County and surrounding area. Common shares of The Bank of Asheville were exchanged for common shares of Weststar Financial Services Corporation on April 29, 2000. Weststar Financial Services Corporation formed Weststar Financial Services Corporation I (the “Trust”) during October 2003 in order to facilitate the issuance of trust preferred securities. The Trust is a statutory business trust formed under the laws of the state of Delaware, of which all common securities are owned by Weststar Financial Services Corporation. |
2. | In the normal course of business there are various commitments and contingent liabilities such as commitments to extend credit, which are not reflected on the financial statements. The unused portions of commitments to extend credit were $30,856,230 and $31,886,835 at June 30, 2009 and December 31, 2008, respectively. |
3. | Basic earnings per common share represents income available to common stockholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per common share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustments to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate solely to outstanding stock options and are determined using the treasury stock method. During 2009 and 2008, there were no shares excluded due to antidultion. |
G. Gordon Greenwood President & Chief Executive Officer | Randall C. Hall, C.P.A. |
Kathy E. Fox, C.P.A. Senior Vice President Controller | John R. Hamrick |
William W. Nesbit III Senior Vice President Branch Administrator Commercial Lending Officer | Judy Price Senior Vice President Marketing & Training Officer |
Patrick Blackburn Vice President Mortgage Loan Officer | Terry A. Ballard Assistant Vice President Network Administrator |
Linda G. Deaton Assistant Vice President Main Branch Manager Commercial Lending Officer | Andrea L. Hamilton |
S. Eric Morris | Diane C. Robinson |
William F. Schreck | Raynia J. White |
Sandra J. White | Lance C. Shook Banking Officer South Asheville Branch Manager Commercial Lending Officer |
Michelle C. Shook | Robbi T. Hill |
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |