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Marker:
Gastar Exploration (GST)
$ 0.8846 down -0.1004 (-10.19%)
Volume: 782,662
Oil boom fueled by junk debt faces US$19 billion wave of defaults
Mar 11, 20163:00 PM
[NEW YORK] Investors are facing US$19 billion in energy defaults as the worst oil crash in a generation leaves drillers struggling to stay afloat.
The wave could begin within days if Energy XXI Ltd, SandRidge Energy Inc. and Goodrich Petroleum Corp. fail to reach agreements with creditors and shareholders. Those are three of at least eight oil and gas producers that have announced missed debt payments, triggering a countdown to default.
"Shale was a hot growth area and companies made the mistake of borrowing too much," said George Schultze, founder and chief investment officer of Schultze Asset Management in New York, which has been betting against several distressed energy companies.
"It's amazing that so many people were willing to lend them money. Many are going to file for bankruptcy, and bondholders and equity are going to get wiped out en masse."
Bondholders are paying dearly for backing a shale boom that was built on high-yield credit. Since the start of 2015, 48 oil and gas producers have gone bankrupt owing more than US$17 billion, according to law firm Haynes and Boone. Fitch Ratings Ltd predicts US$70 billion of energy, metal and mining defaults this year, and notes that US$77 billion of energy bonds are bid below 50 cents, according to a note Thursday.
A representative at Energy XXI declined to comment. Representatives for SandRidge and Goodrich didn't respond to requests seeking comment.
"Absent a material improvement in oil and gas prices or a refinancing or some restructuring of our debt obligations or other improvement in liquidity, we may seek bankruptcy protection," Energy XXI said in a March 7 public filing.
Goodrich Petroleum is asking shareholders and bond investors to approve a restructuring deal that would convert its unsecured debt and preferred shares into common stock. For the plan to work, shareholders must approve it at a March 14 meeting and enough bondholders need to participate by the March 16 exchange deadline.
"Absent a successful completion of the recapitalisation plan, the company will have no alternatives other than to seek protection through the bankruptcy courts," Walter Goodrich, chairman and chief executive officer, said on a March 9 conference call.
http://www.businesstimes.com.sg/energy-commodities/oil-boom-fuelled-by-junk-debt-faces-us19-billion-wave-of-defaults
*This news comes as no surprise but it [a BK filing] will catch a ton of guys on the equity side flat-footed.
** I do not own the Preferred or SD common equity at this time.
Marker:
Sandridge Energy, In (SDRXN)
$1.05 0.0 (0.00%)
Volume: 0
Marker:
Sandridge Energy, In (SDRXN)
$1.05 down -0.15 (-12.50%)
Volume: 3,500
SDOC common equity at 8:20am pst @ $0.11
EUR/USD
1.104295
I don't have an irrational mind I can't answer that. Once these things start they build momentum. All I know is at some point Wall St. will take a look at this earnings report and see what we see - A very healthy viable multi-billion dollar business selling at a P/E of 3... r u kidding me!
Mr. Market rushes in the door just like he rushes out. When that will happen I don't know but rest assured it will. The never ending search for value marches on and days like this will be long forgotten.
I don't jump in the middle of a riot which is what you have going on here today and I wouldn't advise anyone else to do it however I do think it wise to be poised to add very soon.
Marker;
Trinity Industries, (TRN)
$15.83 down -5.29 (-25.05%)
Volume: 13,320,589
possibly. yes.
Mr. Market can do blind irrational selling real well. This is a complete overreaction in the face of what I consider a stellar earnings report.
Marker:
Trinity Industries, (TRN)
$16.037 down -5.083 (-24.07%)
Volume: 12,316,553
*Its times like this that create future short squeezes.
Marker:
Freeport-Mcmoran, In (FCX)
$6.3259 up 0.7959 (14.39%)
Volume: 62,058,672
Brilliant plan if it didn't involve insider trading.
Apple should just buy the company and settle this but unfortunately that's not the most likely outcome.
The appeal process puts the pressure back on VHC.
Every day that $625MM sits in Apples vault makes them money. They're not going to give it up easily. :(
Marker:
Virnetx Holding Corp (VHC)
$7.17 down -0.14 (-1.92%)
Volume: 2,191,567
Shareholder Letter for 2015
https://www.unitedamericanbank.com/dotAsset/8b44b928-a2ce-41c5-b705-6fe79d102bca.pdf
========================
* Other sources of information tell me the bank has made notable improvements in its financial health over the past 3 years and moreso the past 12 months. However I'm personally not impressed with this shareholder letter. It doesn't tell a shareholder anything concrete. It lacks financial specifics and imo is a weak excuse of a shareholder letter.
Marker:
United American Bank (UABK)
$0.35 0.0 (0.00%)
Volume: 0
Marker;
Freeport-Mcmoran, Inc. (FCX)
$ 5.827 up 0.977 (20.14%)
Volume: 70,900,290
This bank is one of the best examples of a turn-around story... and they're the lone community bank survivor in their market area. Net Income nearly doubled YoY from $2.01MM in 2014 to $3.9MM in 2015.
It always takes a while for the bigger markets to notice these small banks...they're simply unknown about on Wall St. but that can work to a retail investors advantage for a buy & hold strategy.
Book Value is now just under $5 and what makes that a real story is the bank is making money again - earnings are robust! ..and when you combine a discount price to entry with strong earnings you have a winner imo.
Marker;
Ccf Holding Co. (PC) (CCFH)
$0.70 0.0 (0.00%)
Volume: 0
Chemical Bank's acquisition of Talmer Bancorp
Detroit Free Press 7:22 p.m. EST January 26, 2016
Troy-based Talmer Bank would be absorbed into Chemical Bank later this year under a proposed $1.1-billion merger deal to create the largest Michigan-headquartered bank in the state.
[....]
http://www.freep.com/story/money/business/michigan/2016/01/26/talmer-bank-chemical-bank/79340328/
Marker:
Talmer Bancorp - Cla (TLMR)
$15.34 up 0.36 (2.40%)
Volume: 1,685,745
Up until now the refinery has been running at a mediocre 76% capacity of refinery throughput.
•Total refinery throughput for the quarter ended June 30, 2015 totaled 914,950 bbls, or 11,437 bpd, compared to 968,259 bbls, or 11,527 bpd, for the same period a year earlier.
"The Nixon Facility has been running well, with peak refinery throughput hitting in excess of 14,000 bpd," Carroll said in a statement.
I'm done. Good luck.
sore loser... or just loser?
pump this however you like...I don't care...but nobody with any real money is buying the baseless hype on this.
I gave you a number in private but for everyone else it was less than a quarter @ share.
Earnings per share for the first half of 2015 was less than a penny (or basically $0.00). This year was worse than last year ...and the year before that!
Can anyone tell me how you defend that? I'm all ears.
Based on performance paying .40 cents (or more) today is paying more then double what the bank is worth.
Is this the NFL wherein we are completely devoted fans win or lose?? Wall St is based on performance. CIBHs' performance has been atrocious. horrible. pathetic...and the excuses for the lack of earnings have become threadbare.
Stop looking at this bank like it's a little girl in a princess costume. I'll guarantee you large investors don't view it that way ...and any potential acquiring banks damn sure don't.
Sometimes things have to go backwards before they can go forward.
I want everyone here to win and win big but after 2 years of artificially jacking up the price to each other it's time to realize that that strategy doesn't work and to stop rewarding failure.
No earnings no rewards. CIBH would have to make in the neighborhood of $1MM in a quarter to garner respect...anything less is mediocre and should not be rewarded.
There was a recent change of CEO. Hope springs eternal.
*Full disclosure: I don't own 1 share of CIBH and don't plan to.
**Why do I care? I have received PM's for over 2 years about this bank from several different people asking what I think. It was time to say it publically.
Community bank consolidation has been neither hot nor cold in 2015. It's on average with the previous 3 years.
CIBH shareholders are their own worst enemy. The pps has been far too high for far too long. The pps wasn't based on sound financial valuations it was artificially held up. An acquiring bank would never pay over 3 X book. Aside from it being a terrible financial decision Bankers can, and do, get sued when they do things like that.
Banks are not like the Tesla's or the Amazon's of the world wherein investors can pay for thin air. Substance and reality matters with banks more than any other industry on Wall St.
There may have been several suitors knocking on CIBH's door looking to do a deal...I have no doubt there were...CIBH would be a nice addition to another banks stable... but the pps imo was a hurdle they weren't willing to jump. I don't blame them.
Marker:
Cib Marine Bancshare (CIBH)
$0.43 0.0 (0.00%)
Volume: 0
Assets, Deposits and Loans have all gone up significantly YoY.
How healthy is this bank? very.
http://banktracker.investigativereportingworkshop.org/banks/california/folsom/sierra-vista-bank/
Marker:
Sierra Vista Bank (c (SVBA)
$3.85 up 0.15 (4.05%)
Volume: 500
....and the bank is FOR SALE.
If this was worthless to all, this case would have been closed and deep sixed long ago.
Management grossly underestimated the power of the regulators when an economy begins to crater. Formidable laws allowing regulators to seize and close under-capitalized banks have existed since the 50's.
United was given 2 years to comply with written demands to raise capital as quickly as possible... and did they do that? No. They took their sweet time and in so doing played with fire.
The Bank bailouts of 2008/9 were HIGHLY unpopular with taxpayers ...and that in turn put political pressure on regulating agencies to go out and close down marginal banks. They were then fair game to become sacrificial lambs. It made for good headlines to appease angry taxpayers who were adamantly opposed to bail outs and would rather see bank blood. Mission accomplished.
If there was just one thing UWBK management could go back and do over it would have been to act with a much higher sense of urgency when the written warnings to raise capital first appeared. Had they done that the odds are United would still be in business today.
You are correct the pps is $0. United cusips are the ashes of a worthless security.
Marker:
Bofi Holding, Inc. (BOFI)
$96.07 up 10.11 (11.76%)
Volume: 827,764
Mid-way 2015 UBPR report
Net Income first 6 months; $2.45MM
Equity: $29.9MM
O/S: 3.6MM
BV: $4.58
MV: $0.90
P/B: 0.1965
Discount to Book is a whopping 80%.
https://cdr.ffiec.gov/public/Reports/UbprReport.aspx?rptCycleIds=83%2c79%2c81%2c76%2c72&rptid=283&idrssd=628178&peerGroupType=&supplemental=
Marker;
Ccf Holding Co. (PC) (CCFH)
$0.90 0.0 (0.00%)
Volume: 0
*If a person was looking for a sleeper this would be it.
Marker:
Delta Air Lines (DAL)
$50.355 up 1.235 (2.51%)
Volume: 8,727,987
*DAL is back on track to make new all-time highs. March 2, 2009 DAL was $4.06 @ share.
Local banks’ merger drama takes a new twist
Originally published October 15, 2015 at 12:40 pm
A proposed marriage between two Snohomish County banks has ended at the altar after the smaller bank’s owners voted it down.
It’s the latest twist in a drama that might seem like soap-opera material, if it weren’t about banks.
Shareholders of Lynnwood-based, thinly traded Prime Pacific Bank voted Wednesday against the all-stock deal with the much larger, privately held Coastal Community Bank of Everett.
“We’re disappointed the merger didn’t go through,” Coastal CEO Eric Sprink said Thursday in an interview. “We think the world of Prime.”
A proposed marriage between two Snohomish County banks has ended at the altar after the smaller bank’s owners narrowly voted it down.
Glenn Deutsch, president and CEO of Prime Pacific, wasn’t immediately available for comment. On its website on Thursday, the bank noted the merger proposal had failed.
The vote tally wasn’t immediately available, but people familiar with the matter said the proposal was narrowly defeated.
In June, the boards of the two banks unanimously voted for a merger after an on-again, off-again courtship: A merger had been first announced in April, but then Prime received and tentatively accepted an unsolicited offer from an undisclosed bank — which subsequently walked away before that deal could be consummated.
The combination of Prime Pacific and Coastal would have created a bank with more than $720 million in assets.
As of June 30, Coastal had nearly $590 million in assets and 12 branches, while Prime had $124 million and 3 branches, according to the Federal Deposit Insurance Corp.
Between the time a merger deal was first struck in April and Wednesday’s vote, a few things changed that may have swayed Prime Pacific’s shareholders.
The bank’s regulator, the Office of the Comptroller of the Currency, in June lifted a consent order it had been operating under since August 2009.
Also, some bank stocks have experienced a lift in recent months amid widespread expectations the Federal Reserve will raise interest rates, which would help improve banks’ margins.
Under the proposed merger, Prime Pacific shareholders would have received slightly less than book value for their shares, or about $13 million in total.
http://www.seattletimes.com/business/local-business/local-banks-merger-drama-takes-a-new-twist/
*I have no idea who it is but I suspect a problem child somewhere within the higher ranks that is single-handedly disrupting these mergers. And maybe he/she is right in that 1X book is a bit on the cheap side. On that point alone I would tend to agree. Or perhaps that's not it at all....maybe the foot dragging is over a job somebody wants with the new and improved bank as part of the deal...?? There are all kinds of deal buster possibilities.
October 15, 2015 Shareholder Letter
http://www.primepacificbank.com/documents/PTG-Q3-2015.pdf
A quick scan reveals common equity at $13.9MM with an outstanding share count of 9.53MM for a BV of $1.46.
Considering the current market value is $1 that would give us a P/B of 0.69
PPFS is selling at a 30% discount to BV.
Net Income for the nine months ending September 30, 2015 was $783K or $0.08 @ share.
P/E would be 12.5
I think it's fair to say this bank is on sale...(but then few banks aren't these days) :(
At the risk of sounding like a broken record we need the fed to raise rates. :( Just do it.
Prime Pacific votes down merger with Coastal Community Bank
Published: Thursday, October 15, 2015, 11:09 a.m.
A proposed merger between Coastal Community Bank in Everett and Prime Pacific Bank in Lynnwood failed on Wednesday night when Prime Pacific’s shareholders voted it down.
Coastal is the largest bank headquartered in Snohomish County and wanted to expand to south Snohomish County by merging with Prime Pacific.
“We knew it was going to be a close vote, but we were surprised and disappointed it didn’t go in our favor,” said Eric Sprink, Coastal’s president and CEO.
Prime Pacific can’t yet disclose the vote tally as part of the merger agreement, said Glenn Deutsch, Prime Pacific’s president and CEO.
Deutsch said he was surprised to some extent with the vote, adding that “you never know how shareholders will ultimately vote.”
Under the merger agreement, Prime Pacific shareholders would have received 0.8047 shares of Coastal Community Bank’s stock for each of theirs.
The merged bank would have been retained the Coastal Community brand.
The two banks held initial talks about merging in 2009 but opted not to. Last year, Deutsch and Sprink resumed the discussion and announced the intent for the merger in April.
Shortly after the public announcement, Prime Pacific was approached by another bank, which submitted an unsolicited proposal to merge, according to a filing with the Securities and Exchange Commission.
Prime Pacific’s board of directors determined that the new offer was a “superior proposal,” and started to negotiate with the third bank, which wasn’t named in the filing.
Before the final deal was reached, the other company withdrew its proposal “based on considerations unrelated to Prime Pacific,” according to the filing.
Coastal has 11 branches with about 140 employees, mainly in central and northern Snohomish County. Prime Pacific has about 30 employees with three branches, two in south Snohomish County and one in Kenmore in King County.
When the merger was announced, Prime Pacific was operating under a consent order from the Office of the Comptroller of the Currency, the result of what the government called unsafe and unsound banking during the recent recession. In June, the business was released from that order.
Prime Pacific Financial Services, the holding company for Prime Pacific Bank, is on track to have three consecutive profitable years. The company booked $783,000 in profit through three quarters this year.
“We put out our financial statements every quarter,” Deutsch said. “Certainly the bank has gotten stronger and stronger as time passes. With the consent order going away, our expenses have gone down.”
Prime Pacific will continue to conduct business and aim to enhance shareholder value, Deutsch said.
“Coastal is a good bank,” Deutsch said. “They’re a good team. We respect them. They’re the biggest community bank in our market.”
Sprink also praised Prime Pacific, which opened in 1995 and is the oldest community bank in Snohomish County.
“Prime’s a great bank with great leadership and we’re excited about them,” Sprink said.
Coastal is performing well. The bank surpassed $600 million in assets this year, an increase of 25 percent over last year, Sprink said.
He said the bank’s board will meet for a strategy session soon.“Customers are still choosing Coastal and we’re excited about that,” Sprink said. “We’ll keep all of our options open and take the next steps as they present themselves.”
If the banks ever talked again about a merger, both would need to start from ground zero, Sprink said.
“This doesn’t foretell anything for either bank,” Sprink said. “It just means at this point in time their shareholders feel they should be an independent bank.”
http://www.heraldnet.com/article/20151015/BIZ/151019325
* This is my first peek into either of these banks. Aside from my main focus in northern Calif I have an interest in the greater Northwest [Seattle] banking activity as well which started with FSWA. Like many many small banks PPFS is a non-reporting bank that trades OTC making financial information harder to dig for.
Marker:
Prime Pacific Financ (PPFS)
$1.00 0.0 (0.00%)
Volume: 0
Commercial Bank of California and National Bank of California to Merge
October 14, 2015 8:30 PM
IRVINE, Calif. & LOS ANGELES--(BUSINESS WIRE)--
NCAL Bancorp (OTC Pink: NCAL), National Bank of California and Commercial Bank of California today announced the execution of a definitive agreement providing for the acquisition of Commercial Bank of California by NCAL Bancorp through the merger of a wholly-owned subsidiary of NCAL Bancorp with and into Commercial Bank of California, followed immediately by the merger of National Bank of California with and into Commercial Bank of California.
In the merger each share of Commercial Bank of California common stock will be exchanged for a number of shares of NCAL Bancorp common stock having an aggregate adjusted book value per share equal to the adjusted book value per share of a share of Commercial Bank of California common stock, determined as of the end of the month preceding the month in which the closing occurs.
The combined bank will continue to serve its Los Angeles County and Orange County customer base and all existing branches of both banks will remain open after the merger. On a pro forma basis, based on financial information at September 30, 2015, the combined bank would have total assets of over $700 million and total deposits of over $600 million.
The merger is subject to customary closing conditions, including the receipt of all regulatory approvals and the approval of the shareholders of both NCAL Bancorp and Commercial Bank of California. It is anticipated that the transaction will close in the first quarter of 2016.
Advisors
NCAL Bancorp and National Bank of California were advised in this transaction by the law firm of King, Holmes Paterno & Soriano, LLP and its financial advisor, FIG Partners, LLC, which rendered a fairness opinion to NCAL Bancorp. Commercial Bank of California was advised by the law firm of Dentons US LLP, and received a fairness opinion from Vining Sparks Community Bank Advisory Group.
About Commercial Bank of California
Commercial Bank of California is a full-service bank serving the business and professional communities in Orange County from two branches located in Irvine and Costa Mesa. More information on Commercial Bank of California is available at www.cbcal.com.
About National Bank of California
National Bank of California is a full service bank headquartered in West Los Angeles serving business and other customers from four banking offices located in Los Angeles and Orange Counties. It is a wholly-owned subsidiary of NCAL Bancorp. More information on National Bank of California is available at www.nbcal.com.
http://finance.yahoo.com/news/commercial-bank-california-national-bank-003000046.html
TARP Transactions
Original TARP investment amount: $10,000,000.00 (on Dec. 19, 2008)
Outstanding investment $10,000,000.00 (Footnote 8)
Total cash back: $1,311,027.78 (May include dividends and interest payments not shown below)
Investment status: Full investment outstanding; warrants outstanding
Data current as of Oct. 16, 2013
* A. Muerelo owned bank in SoCal. I have no interest in either.
Marker:
Ncal Bancorp (PC) (NCAL)
$0.51 0.0 (0.00%)
Volume: 0
Bofi Holding, Inc. (BOFI)
$112.05 up 12.92 (13.03%)
Volume: 1,715,627
===================
Why Shares of BofI Holding Jumped 13% Today
Shares of the internet bank leaped 13% as the market digested yesterday's conference call after the market closed.
What: Shares of BofI Holding (NASDAQ:BOFI) surged 21% shortly after market open, but have since moved to price about 13% higher than yesterday's close. It appears the market liked what it heard on yesterday's conference call in which BofI executives addressed claims made by a former internal auditor, Matt Erhart, that the bank hid critical information from regulators, among other allegations.
So what: One of the highest-valued banks on the market, one might argue that BofI Holding is priced for perfection. Allegations by a former internal auditor that BofI hid important information from regulators certainly don't help a highly priced stock keep its shine.
Executives helped analysts better understand the allegations by providing its side of the story on a call after the market closed. The bank's Executive Vice President and CFO, Andrew Micheletti allayed fears of deposit concentration, noting that its largest relationship was $30 million in size. The bank also noted that its top nine depositors make up 5% of its deposits, compared to allegations that nine customers made up 40% of its deposits.
The bank's officers also explained that the accounts lacking tax identification numbers were not accounts, but loans, and that Mr. Erhart didn't distinguish between the two. Information about loans lacking TINs, BofI executives explained, was delivered to regulators "in a separate request for information." The bank doesn't have any depositors without TINs.
In his prepared remarks, Greg Garrabrants, the bank's CEO, pointed out that assertions made about its loan loss reserving were also untrue, saying that "the Bank has never omitted a calculation which would impact the allowance for loan loss and leases."
Of course, this episode does bring up interesting questions about the bank's ability to manage its staff. One analyst, a former bank auditor himself, asked why the bank hadn't fired Mr. Erhart sooner if he was as poor at his job as the management team suggests. That answer, unfortunately, wasn't fully clear from the transcript. Mr. Erhart worked for the bank for about 18 months.
Now what: This is certain to be a mess as the "he said, she said" story line unfolds. BofI executives believe it's not just the company's former auditor, Mr. Erhart, behind the suit, given that they don't believe he has the capacity to fund the legal resources necessary for a suit like this. This event is far from over, but one thing is clear from the New York Times piece and the conference call yesterday: Both sides seem content to stick to their side of the story.
http://www.fool.com/investing/general/2015/10/15/why-shares-of-bofi-holding-jumped-13-today.aspx?source=eptadnlnk0000002&utm_source=advfn&utm_medium=cpc&utm_campaign=investorshub
Block & Leviton LLP Investigates BofI Holding, Inc. After Whistle-Blower Lawsuit Alleges Banking and Regulatory Wrongdoing
Date : 10/14/2015 @ 12:40PM
Source : PR Newswire (US)
Stock : Bofi Holding, Inc. (MM) (BOFI)
Quote : $100.33 -41.67 (-29.35%)
BOSTON, Oct. 14, 2015 /PRNewswire/ -- Shares in BofI Holding, Inc. ("BofI" or the "Company") (NASDAQ: BOFI) have plunged as much as $41, nearly 29%, in early trading after a former internal auditor at the Company filed a lawsuit on October 13, 2015, alleging that he was fired for exposing corporate and regulatory wrongdoing. The loss in market capitalization as a result of the recent news represents approximately $606 million in aggregate lost investor value.
The lawsuit alleges, among other things, that BofI, based in San Diego with approximately $6 billion in assets, side-stepped internal and regulatory controls by failing to provide full and timely information to regulators. As quoted in the New York Times, the auditor's counsel has characterized the Company's actions as "among the most egregious [she has] seen from a publicly traded company." As the Times article reported "[a]ccording to the complaint, Bank of Internet was also not forthcoming with the Securities and Exchange Commission when the agency sought information about an account at the bank."
Block & Leviton LLP, a Boston-based securities litigation firm, is investigating BofI and certain of its officers and directors for possible violations of the federal securities laws.
Source:
http://ih.advfn.com/p.php?pid=nmona&article=68879412
*wow!! ... Quite a hit before any facts are known.
Marker;
Sycamore Networks, I (SCMR)
0.5799 up 0.0922 (18.91%)
Volume: 194,830
Marker:
Hanmi Financial Corp (HAFC)
$25.04 up 0.6 (2.45%)
Volume: 119,171
http://banktracker.investigativereportingworkshop.org/banks/california/los-angeles/hanmi-bank/[t][/t]
*Bank remains very healthy and well capitalized...hard to believe a deal with their Korean service niche peers hasn't happened by now.
HomeStreet (HMST) to Acquire Orange County Business Bank for $11.70
HomeStreet (Nasdaq: HMST) has entered into a definitive agreement under which it will acquire Orange County Business Bank (OTC: OCBB) (“OCBB”), a California banking corporation.
The proposed transaction was approved by the boards of both companies and is expected to close late in the fourth quarter of 2015 or early in the first quarter of 2016, subject to certain conditions set forth in the merger agreement and the customary closing conditions, including OCBB shareholder and state and federal regulatory approvals.
Under the terms of the agreement, HomeStreet will acquire Orange County Business Bank for $11.70 per share, or a total value of $55.3 million with $5.5 million paid in cash and the remainder in HomeStreet common stock. The merger agreement provides for an adjustment to the number of shares of HomeStreet stock issuable in the transaction if HomeStreet’s average closing stock price, as measured during a ten-day trading day period ending on and excluding the fifth day prior to the closing date, falls outside a range of 90 percent to 115 percent of the average closing price measured during such a period prior to the signing date.
[....]
http://www.streetinsider.com/Corporate+News/HomeStreet+(HMST)+to+Acquire+Orange+County+Business+Bank+for+$11.70Share/10924350.html
Marker:
Orange County Busine (OCBB)
$11.05 up 2.05 (22.78%)
Volume: 153,559
*Bank consolidation continues.
Marker:
The Goodyear Tire & (GT)
$28.86 down -0.71 (-2.40%)
Volume: 1,188,430
*Price of crude oil $44.83 @ bbl
**National average price of gas $2.28
Interesting auto sales data from WSJ;
http://online.wsj.com/mdc/public/page/2_3022-autosales.html
I don't know if you're familiar with the 1991 movie 'City Slickers' starring Billy Crystal, Daniel Stern, Bruno Kirby and Jack Palance.
Jack Palance played the part of a tough old cowboy named Curly Washburn. He was a throwback from an era long gone by. One of the key themes in the movie was "there's nothing like bringing in the herd".
The Pan Pacific Bank commitment started for you in Oct. of 2011. The bank needed a lifeline and you threw them one. Here we are almost 4 years later and a win/win deal was struck with Calif Bank of Commerce.
There's nothing like bringing in the herd for the PPFC shareholders Mr. Taylor!
Well done, congratulations and thank you!
Chevy
Rate Increases Help Banks First
http://www.wsj.com/articles/rate-increases-help-banks-first-1442447705
*I'm hoping the Fed raises rates tomorrow...I've been waiting on that to happen for long 2 years now. We'll see.
Good Luck!
TPL is one way to invest in Oil long term without committing to an E & P Co. The TPL story began in 1888.
http://www.dallasnews.com/business/columnists/will-deener/20120506-the-most-unusual-stock-tip-ive-ever-gotten.ece
Marker:
Texas Pacific Land T (TPL)
$140.00 up 0.7701 (0.55%)
Volume: 29,961
CL/V15 Light Sweet Crude is currently $47.03 @ bbl.
WTI currently up 4% today to $47 @ bbl.
I agree MTDR is positioned well for 2016 however the oil world is anything but normal right now. What it should do and what it will do is 2 different things. The top firms on Wall St have been saying oil remains under heavy pressure due to oversupply.
There is no reason to be seeing an oil rally today but here we are.
It's crazy ...we seem to be in opposite world.
Marker:
Matador Resources Co (MTDR)
$22.91 up 2.51 (12.30%)
Volume: 2,412,979