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Follow the Master Limited Partnership (MLP) bouncing ball
There is a point to the story I'm about to tell but first some history and a lead comment. The comment in the form of a question is this - What, if anything, does BDCO have in common with the Darth Vader of Wall St. Carl Icahn?
I'll get to more on that comment after some history.
17 months ago we experienced a swift move upward in pps from approx $5 to over $9 in a matter of a couple days. If you pull up a 2 year chart on BDCO you'll see the spike I'm speaking of in the Feb/March 2013 timeframe. At the time I had no idea what was driving such a move until Enterprising Investor posted the most recent 8-K and revealed what he considered the driving force behind that move (It is Post #170...he has a knack for zero'ing in on root causes like that very quickly and with a high degree of accuracy...but I digress).
What was the root cause? BDCO was considering becoming an MLP ...and Mr. Market loved the idea.
http://www.sec.gov/Archives/edgar/data/793306/000101054913000056/bdco8kex991020613.htm
Item 8.01 Other Events.
On February 4, 2013, we issued a press release announcing that our Board of Directors (the "Board") had formed a special committee comprised of three independent directors to conduct a strategic review of the feasibility of optimizing value for stockholders by converting Blue Dolphin from a publicly traded corporation to a publicly traded master limited partnership. The special committee, upon completion of its review, will make its recommendation to the Board.
Bank Merger is Off
BIG BEAR LAKE, Calif.—July 17, 2014. First Mountain Bank (OTCBB:FMBP) announced July 17 that the definitive agreement with First National Bank of Southern California that provided for the acquisition of First Mountain Bank by First National Bank of Southern California has been terminated.
A condition of the transaction required First National Bank of Southern California to obtain regulatory approval of the agreement. Unfortunately, First National Bank of Southern California’s regulator, the Office of the Comptroller of the Currency, would not approve the acquisition under the terms and conditions of the agreement. Also, the modifications required by the Office of the Comptroller of the Currency would not have provided the benefit to the First Mountain Bank shareholders and community as negotiated in the definitive agreement.
Jack Briner, chairman and CEO of First Mountain Bank, stated, “While we regret that the regulators were unwilling to approve this transaction as agreed to by the parties, First Mountain Bank is moving on and looking forward to continuing its operations from its offices in Big Bear Lake, Running Springs and Lucerne Valley. First Mountain Bank posted a profitable first half of 2014 and is currently welcoming new customers and SBA borrowers. As of June 30, 2014, the bank had $134.8 million in assets, $88.5 million in loans, and $292,000 in net income for the first six months of 2014.”
http://www.bigbeargrizzly.net/news/article_c3c39aaa-0def-11e4-be17-001a4bcf887a.html
*Tangible Book Value was $7.52. The offer to FMBP shareholders was $9 @ share for a 19.6% premium over TBV.
http://kbhr933.com/current-news/mountainfirst-national-deal-falls-071714/
Marker:
First Mountain Bank (FMBP)
$7.00 down -0.25 (-3.45%)
Volume: 19,566
United Security Bancshares - Second Quarter Profits: $2.0 million
Date : 07/17/2014 @ 4:06PM
Source : PR Newswire (US)
Stock : United Security Bancshares (MM) (UBFO)
Quote : $5.89 0.07 (1.20%) @ 5:20PM
FRESNO, Calif., July 17, 2014 /PRNewswire/ -- United Security Bancshares (http://www.unitedsecuritybank.com/) (Nasdaq Global Select: UBFO) reported today unaudited consolidated net income of $2,956,000 or $0.20 per basic and diluted common share for the six months ended June 30, 2014, as compared to $2,472,000 or $0.16 per basic and diluted shares for the six months ended June 30, 2013. United Security Bancshares reported consolidated net income of $2,047,000 or $0.14 per basic and diluted common share for the quarter ended June 30, 2014, as compared to $1,397,000 or $0.09 per basic and diluted common shares for the quarter ended June 30, 2013.
[....]
Book Value: $5.27
[....]
http://ih.advfn.com/p.php?pid=nmona&article=62944392
Marker:
United Security Banc (UBFO)
$5.89 up 0.07 (1.20%)
Volume: 4,215
I never really answered this-
Was there a response?
Yes. But only the 9th Circuit Court ruled in favor of the BHC. Colorado is in the 10th circuit Court. I don't know how they've ruled before...but in some ways it doesn't matter.
The bank was no doubt the source for the losses which is why the ITR's even exist in the first place. I'm guessing the BHC and the bank itself had a agreement that the BHC would file consolidated tax return(s)...which meant if there were any refunds from the IRS they would be sent to the BHC ...and they in turn would send the bank their portion of the refund. If that's true this dispute over who gets the ITR is only temporary. If it gets sent to the bank it will go to the FDIC-R. If it goes to the BHC the estate would still be adminstratively insolvent even with $4.4MM dollars. I don't see how there would be any trickle down to 8's. ":~(
ITR ownership confusion is not unique to the UWBK case.
I sent this to FS in a PM a month ago.
http://www.mondaq.com/unitedstates/x/311006/Insolvency+Bankruptcy/Whose+Refund+Is+It+Ninth+Circuit+Holds+Tax+Refund+Belongs+To+Bankruptcy+Estate+Of+Bank+Holding+Company+Not+To+Receivership+Estate+Of+Subsidiary+Bank
Why did I send it? I wanted to see what he would do with the information.
....it's the illusion of a dime vs a dollar. Las Vegas learned something about people's willingness to spend money. People in general are willing to put 10 dimes in a slot machine and pull the handle but wouldn't dream of putting a dollar bill in one right beside it. Why? It "cost" too much. Las Vegas' answer? install more dime and penny machines asap.
Maybe this phenomenon comes under the definition of market sentiment??
Yes. Major League dilution.
Raising $45.8MM in dimes is alot of dimes...four hundred and fifty eight million of them to be exact or 458,000,000.
The bank has successfully raised a considerable amount of capital at a critical time in it's history...it was do or die crunch time...and that's great we all wanted BCAR to survive and now they've done something to insure it...but what I don't understand as I look at the market today and see retail investors willing to pay 5 dimes for a bank that now has a book value of 1 dime.
By comparison Citi bank (ticker: C) has a BV of $66.76. Would that same retail investor be willing to pay $333.80 to get one share of something worth $66.76? Oh H*ll No!...but that's exactly what he or she has done here. ':~O
Marker:
Bank Of The Carolina (BCAR)
$0.50 up 0.01 (2.04%)
Volume: 17,211
Local Bank Merger Market Stays Hot
July 16, 2014
Three years after going public and shifting away from a throwback model of banking, Franklin Federal Savings Bank is taking another big leap.
The 80-year-old Richmond bank and its parent company will be absorbed into Hampton Roads-based TowneBank in a $275 million acquisition announced Tuesday. Franklin Federal shareholders will receive 1.4 shares of TowneBank stock for each Franklin share they own.
It’s the third M&A deal announced this year involving a Richmond bank and the fourth in the last 12 months, further illustrating that the trend of consolidation in the banking industry overall may be picking up in the local market.
“Everybody is going through the M&A dance right now,” said Rick Wheeler, CEO of Franklin Federal and its Franklin Financial Corp. holding company. “I think it’s the sign of the times.”
...to read more:
http://www.richmondbizsense.com/2014/07/16/local-bank-merger-market-stays-hot/
*this merger news does not involve this bank but it does detail the level of interest in this part of the country.
Marker:
Hampton Roads Banksh (HMPR)
$1.65 0.0 (0.00%)
Volume: 10,306
U.S. is World’s Largest Oil Producer
Texas Contributes More than 1/4 of Total U.S. Crude Production
Jul 10, 2014
The U.S. is now the world’s largest producer of oil, surpassing Russia and Saudi Arabia, according to Bank of America Corp. (BAC), as reported in Bloomberg.
U.S. crude oil output in the first quarter surpassed 11-million b/d, which was the highest volume produced by the country in 24 years. The U.S. is expected to hold the top spot through the end of the year, BAC officials said.
...to read on:
http://eaglefordshale.com/news/u-s-is-worlds-largest-oil-producer/
Marker:
Blue Dolphin Energy (BDCO)
$8.51 down -0.24 (-2.74%)
Volume: 2,987
Local Bank Merger Market Stays Hot
July 16, 2014
Three years after going public and shifting away from a throwback model of banking, Franklin Federal Savings Bank is taking another big leap.
The 80-year-old Richmond bank and its parent company will be absorbed into Hampton Roads-based TowneBank in a $275 million acquisition announced Tuesday. Franklin Federal shareholders will receive 1.4 shares of TowneBank stock for each Franklin share they own.
It’s the third M&A deal announced this year involving a Richmond bank and the fourth in the last 12 months, further illustrating that the trend of consolidation in the banking industry overall may be picking up in the local market.
“Everybody is going through the M&A dance right now,” said Rick Wheeler, CEO of Franklin Federal and its Franklin Financial Corp. holding company. “I think it’s the sign of the times.”
...to read more:
http://www.richmondbizsense.com/2014/07/16/local-bank-merger-market-stays-hot/
Am I wrong or we detecting a softening in the stance of the receiver?
- Year-over-year Tangible Book Value increased from $2.94 to $3.56 per share.
Ancora Advisors files 13-D on June 9th, 2014.
Several Form 4 insider purchases filed recently as well.
(Unable to provide links)
Market value on July 11th was $7.69
Tangible book value as of March 31, 2014 was $7.56
Source: 10-Q (posting from tablet..not able to provide link).
Market value: $7.95
Book value per share increased to $10.96 as of March 31, 2014
Market Value as of 7/11/2014 is: $13.99
Price to Book is 1.28%
Source: 2014 10-Q
http://ih.advfn.com/p.php?pid=nmona&article=62166377
Banks of this size national average P/B is 1.55%
The average prices being paid in M&A deals has been in the 1.5 ~ 2 X BV range.
FD: I do not own shares of PPBI at this time...but I like the bank.
Not the actual balance sheet... I'm talking about sharing your math..can you share that? Ty.
Book Value Per Common Share: $8.77 (as of Q1 2014)
Market Value Per Common Share: $10.35
FD: I do not own shares of ABNK at this time...banks selling below BV have more upside potential in M&A.
I urge anyone to show me an analysis that there is enough value to cover par let alone the accrued.
Capital Pacific Bancorp Reports Strong Year-Over-Year Results in 1Q 2014
PORTLAND, OR--(Marketwired - Apr 22, 2014) - Capital Pacific Bancorp (OTCQB: CPBO), (the Company), today reported financial results for the three months ending March 31, 2014. The Company is the parent company of Capital Pacific Bank (the Bank), a business bank focused on serving greater Portland area businesses, nonprofit organizations, private schools and companies committed to sustainable business practices.
Highlights
•Net income to common shareholders in the first quarter of 2014 was $541,000 or $0.21 per common diluted share, up 32.6% compared with $408,000 or $0.16 per common diluted share in the first quarter of 2013.
•Total assets were $232.25 million at March 31, 2014 compared with $190.92 million at March 31, 2013, primarily reflecting 21.1% year-over-year growth in loans.
•Commercial real estate (CRE) lending was the primary driver of loan growth, as CRE loans increased 24.4% to $142.70 million at March 31, 2014 compared with $114.53 million at March 31, 2013.
•Total client deposits were $203.09 million at March 31, 2014, up 23.9% compared with $163.89 million at March 31, 2013, reflecting growth in demand deposits which increased 34.9% year-over-year.
•Reflecting continuing positive trends in asset quality, total non-performing assets, including troubled debt restructurings, were 1.66% of total assets in the first quarter of 2014 compared with 2.66% in the first quarter of 2013.
•Return on average common equity (annualized) rose to 10.18% in the first quarter of 2014 from 8.32% in the first quarter of 2013.
•The Company's book value per common share increased to $8.58 at March 31, 2013 from $7.97 a year earlier.
•In the first quarter of 2014, the Bank became a Certified B Corporation (B-Corp), one of six banks in the nation to have attained such certification. The Bank's B-Corp certification reinforces the Company's social and environmental stewardship for the benefit of all of its stakeholders. View Capital Pacific Bank's B-Corp profile at www.bcorporation.net.
[....]
http://ih.advfn.com/p.php?pid=nmona&article=61916727
FD: I do not own shares of CPBO at this time.
Marker:
Capital Pacific Banc (CPBO)
$9.49 0.0 (0.00%)
Volume: 0
Not sure what insiders are thinking but Mortgage business is on hold...and it appears will remain there at least thru the first half of 2014.
Bank Mergers Gaining Steam, But The Deals Are Still Small
Jul 9, 2014
By Saabira Chaudhuri
Deal activity among U.S. banks so far this year has hit the highest level since 1998, according to a new data from analysts at Raymond James, although the value of deals is small.
With the banking industry seemingly always in consolidation mode, Raymond James evaluates merger activity by counting the number of announced acquisitions relative to the number of U.S. banks at the start of the year. Through the first half of this year, the industry was on pace for 4% of banks to be acquired. That’s up from 3.5% for all of 2013, and marks the highest since 1998’s level of 4.6%.
The firm said it expects bank mergers to continue at a steady clip—although predominantly among the nation’s smallest banks, a trend that has been in place for some time now. “We see meaningful industry consolidation over the next 5-10 years rather than a large wave that occurs over just a few,” analyst Anthony Polini wrote in a note to clients Tuesday.
Bank deals have remained small for a variety of reasons. Among them: small banks are finding the cost of increased compliance onerous, while regulators are perceived as being discouraging of big deals. Raymond James’s data shows that 89% of the 1,195 acquisitions announced from 2009 through the second quarter of this year were for banks with less than $1 billion in assets.
Total deal value, although up by about 33% so far this year compared to the first half of 2013, is still well below the levels reported before the financial crisis. Data from SNL shows that the combined value of all banking deals in 2006 was $93.9 billion, while Raymond James’s data indicates this year is on pace for roughly $12 billion in deals.
Separately, Raymond James notes that acquisitions assisted by the Federal Deposit Insurance Corp. are less likely as the number of banks on the FDIC’s so-called “problem list” had dropped to 411 institutions as of the end of the first quarter, down significantly from the 888 institutions at the end of the same period in 2011.
http://blogs.wsj.com/moneybeat/2014/07/09/bank-mergers-gaining-steam-but-the-deals-are-still-small/
Bank Mergers Gaining Steam, But The Deals Are Still Small
Jul 9, 2014
By Saabira Chaudhuri
Deal activity among U.S. banks so far this year has hit the highest level since 1998, according to a new data from analysts at Raymond James, although the value of deals is small.
With the banking industry seemingly always in consolidation mode, Raymond James evaluates merger activity by counting the number of announced acquisitions relative to the number of U.S. banks at the start of the year. Through the first half of this year, the industry was on pace for 4% of banks to be acquired. That’s up from 3.5% for all of 2013, and marks the highest since 1998’s level of 4.6%.
The firm said it expects bank mergers to continue at a steady clip—although predominantly among the nation’s smallest banks, a trend that has been in place for some time now. “We see meaningful industry consolidation over the next 5-10 years rather than a large wave that occurs over just a few,” analyst Anthony Polini wrote in a note to clients Tuesday.
Bank deals have remained small for a variety of reasons. Among them: small banks are finding the cost of increased compliance onerous, while regulators are perceived as being discouraging of big deals. Raymond James’s data shows that 89% of the 1,195 acquisitions announced from 2009 through the second quarter of this year were for banks with less than $1 billion in assets.
Total deal value, although up by about 33% so far this year compared to the first half of 2013, is still well below the levels reported before the financial crisis. Data from SNL shows that the combined value of all banking deals in 2006 was $93.9 billion, while Raymond James’s data indicates this year is on pace for roughly $12 billion in deals.
Separately, Raymond James notes that acquisitions assisted by the Federal Deposit Insurance Corp. are less likely as the number of banks on the FDIC’s so-called “problem list” had dropped to 411 institutions as of the end of the first quarter, down significantly from the 888 institutions at the end of the same period in 2011.
http://blogs.wsj.com/moneybeat/2014/07/09/bank-mergers-gaining-steam-but-the-deals-are-still-small/
Amerco (UHAL) $290.90 up 2.9 (1.01%)
Volume: 29,819
Pacific Commerce Bank Reports Strong First Quarter Growth and Profitability
Company Release - 04/24/2014 06:15
LOS ANGELES, CA -- (Marketwired) -- 04/24/14 -- Pacific Commerce Bank (OTCQB: PFCI) today reported financial results for the first quarter of 2014 that reflected net income after tax of $891,000 along with another solid quarter of loan growth. This compares favorably to net income of $235,000 in the first quarter of 2013. Loans outstanding grew $12.2 million, or 8.4% in the first quarter and have increased $28.7 million, or 22.2% since the first quarter of 2013.
CEO Scott R. Andrews commented, "The first quarter of 2014 was very productive with $22.6 million in new loan originations. Business development efforts have continued to result in significant new customer acquisitions in both the greater Los Angeles and San Diego County markets. Efforts to bolster core deposit growth include the hiring of a deposit-focused Relationship Officer for the Bank's West Los Angeles market. The establishment of our new full-service branch office in San Diego County will also increase core deposit growth opportunities in that market."
Andrews further commented, "Future earnings growth will be supplemented by an active SBA 7(a) lending program, with additional SBA business development resources being deployed in the second quarter focusing on the Los Angeles market. Pacific Commerce Bank is well positioned to continue the robust organic growth experienced over the past year, and with our asset quality issues fully behind us, the focus and attention of management is to increase revenues while continuing to control expenses."
Chairman Thomas Iino commented, "Results for the first quarter of 2014 put Pacific Commerce Bank on track for a solid year of balance sheet growth and improved core earnings. The Board of Directors continues to focus on providing meaningful shareholder returns over the long-term, and with pursuing in-market opportunities for strategic mergers and acquisitions in 2014."
FINANCIAL RESULTS
Net income for the first quarter of 2014 was supplemented by a reversal of $1.5 million in loan loss provision, due to the significant improvement in asset quality of the Bank. Net interest income increased $109,000, or 7.2% from the prior quarter as a result of the strong loan growth experienced in the first quarter, and the continuing reduction in cost of funds. Non-interest expense declined $382,000, or 17.4% from the prior quarter, which included extraordinary, one-time expenses related to the sale of a large OREO property in November. Investments in new technologies in the fourth quarter and the hiring of additional business development personnel in the first quarter of 2014 drove other non-interest expenses higher than the prior period. Non-interest income declined quarter-over-quarter due to the aforementioned OREO sale. Revenue from the sale of SBA loans in the first quarter was below prior quarter levels, which was the result of a management decision to defer eligible loans for sale into the second quarter.
Net interest margin for the first quarter was 3.95%, an improvement from the 3.83% reported for the prior quarter. This was the result of a higher yield on earning assets of 4.20% versus 4.10% and a lower cost of funds of 0.28% versus 0.30%. Mirroring the industry trend of shrinking margins, on a year-over-year basis the NIM declined from 4.12% a year ago, although the Bank's cost of funds declined from 0.37% to 0.28%, a 24% reduction.
Total asset growth was $13.9 million, or 8.0% for the first quarter, and $27.6 million, or 17.3% growth from a year ago. Asset growth was centered in loans outstanding, as previously mentioned, totaling $12.2 million for the quarter, and $28.7 million from the prior year. The Bank sold its one remaining OREO property at a small gain on sale in the first quarter, for a reduction of $2.6 million in OREO versus the prior year.
As of March 31, 2014, total deposits were up $8.4 million from the same time last year, with core deposits increasing $15.2 million or 20%. Time deposits, predominantly from institutional depositors, declined $6.8 million as the Bank concentrated on attracting core deposits and reducing its funding costs. On a monthly average basis, first quarter deposits increased $3.1 million, or 2.1% and monthly average core deposits increased $15.9 million, or 21% year-over-year. To supplement on-balance sheet liquidity, FHLB borrowings were utilized in the first quarter, with outstanding short-term advances totaling $13.5 million at quarter-end.
Asset quality remains stable, with only three non-accrual loans totaling $477,000 as of quarter-end. The Bank has no OREO properties and has an NPA ratio of 0.25% versus 2.43% one year ago and 0.29% at the prior quarter.
During the first quarter of 2014, Pacific Commerce Bank exited the United States Treasury Department's Capital Purchase Program (TARP) via the Treasury's auction process. The Bank's preferred shares were purchased by three unaffiliated parties, who continue to hold the non-cumulative, perpetual preferred shares. No preferred dividends were paid in February, and none are planned for the future, as the Bank looks to retain its Tier 1 equity for on-going growth initiatives.
Pacific Commerce Bank is well capitalized and poised for future growth opportunities. The Bank's regulatory capital ratios are as follows:
----------------------------------------3/31/2014
Tier 1 Leverage Ratio:............... 14.20%
Tier 1 Risk-Based Capital Ratio:..15.59%
Total Risk-Based Capital Ratio:...16.85%
[....]
http://www.snl.com/IRWebLinkX/file.aspx?IID=4073179&FID=23334100
*O/S is 4,461,255...Total Stockholders' Equity $27.1MM.....BV $6.07...good target bank to be acquired.
**3 years ago accredited investors paid $5 @ share.
Marker:
Pacific Commerce Ban (PFCI)
$5.10 0.0 (0.00%)
Volume: 0
Absolutely possible...makes perfect sense.
What did you pay when you got in this?
First Bank Reports First Quarter 2014 Earnings of $3.2 Million; Total Assets Reach $599 Million
Company Release - 05/15/2014
HAMILTON, NJ -- (Marketwired) -- 05/15/14 -- First Bank (NASDAQ: FRBA) today announced first quarter 2014 results. Net income for the quarter was $3.2 million or $0.37 per diluted share, compared to net income of $380,000 or $0.08 per diluted share for the first quarter of 2013 and $311,000 or $0.05 per diluted share for the fourth quarter of 2013.
First quarter net income included $2.6 million in non-interest income associated with a bargain purchase gain from the acquisition of Heritage Community Bank (HCB). First quarter results also included $207,000 in merger related expenses. Book value per share was $6.54 at the end of the first quarter, an increase of 6.2% compared to book value per share of $6.16 at year-end.
President and Chief Executive Officer Patrick L. Ryan discussed the results: "Our results in the quarter were driven primarily by merger-related items. The bargain purchase gain was obviously the largest component of first quarter profit. While that is clearly a one-time income boost, the resultant increase in EPS and book value are certainly welcome. Beyond the financial benefits, the merger provides several strategic benefits: i) a larger, more scalable platform with eight branches in four counties with opportunities for enhanced operating leverage; ii) a jumping off point for penetration into the North Jersey market; and iii) a larger legal lending limit which will allow the bank to provide additional credit to existing customers and to target larger borrowers.
"In addition to the merger-related highlights, our core banking platform continues to perform well. The loan pipeline remains very active and we continue to add new deposit customers. Strong growth in non-interest bearing balances continued in the first quarter, which reached 14.1% of total deposits."
Ryan continued, "Importantly, we welcomed several strategic new hires recently. In addition to our new Chief Operating Officer, Ryan Manville, we added David Lidster as our new Chief Technology Officer. Dave brings tremendous breadth and depth of bank IT experience, having served most recently as the Chief Technology Officer of Somerset Hills Bank, prior to their acquisition last year. To help round out our team in the Finance Department, Don Theobald was hired as Controller. Don brings great finance, public company reporting, accounting and banking experience to the organization. We also hired two, seasoned commercial lending relationship managers, Tony Santoro and Brian Collins, to help us build out our presence in Bucks County, Pennsylvania. Both gentlemen have hit the ground running and have active pipelines of new business. As an organization, we are very excited about the growth prospects in Bucks County."
First Quarter 2014 Highlights
As a result of the acquisition of HCB on March 7, 2014, First Bank added total assets, loans and deposits of $132.3 million, $98.2 million and $123.4 million respectively.
Balance Sheet
Total assets at March 31, 2014 were $599.2 million, an increase of $132.4 million or 28.4% compared to December 31, 2013, and an increase of $226.3 million or 60.7% compared to March 31, 2013.
Total loans reached $450.4 million at March 31, 2014, an increase of $110.4 million or 32.5% compared to December 31, 2013 and an increase of $170.3 million or 60.8% compared to March 31, 2013. Loan growth occurred across all product categories consistent with our current loan mix.
Total deposits reached $522.1 million, an increase of $123.0 million or 30.8% compared to December 31, 2013 and an increase of $191.4 million or 57.9% compared to March 31, 2013.
Book equity increased to $61.5 million at March 31, 2014, driven by the 875,193 new shares issued in the Heritage deal and by strong first quarter profits.
Book value per share was $6.54 at March 31, 2014 compared to $6.16 per share at December 31, 2013 and $6.68 per share at March 31, 2013. Tangible book value per share was $6.50 at March 31, 2014, compared to $6.16 per share at December 31, 2013 and $6.68 per share at March 31, 2013. Note: shares outstanding at March 31, 2014 were 9,395,492 compared to 4,686,965 shares outstanding at March 31, 2013. The increase in shares relates to 3,833,334 shares issued in the November IPO and 875,193 shares issued in the HCB transaction.
Income Statement
Net interest income for the first quarter of 2014 totaled $4.2 million, an increase of $614 thousand or 17.0% compared to $3.6 million for the fourth quarter of 2013. Strong loan growth led net interest income higher during the first quarter of 2014.
Non-interest income for the first quarter of 2014 totaled $2.7 million. $2.6 million of non-interest income for the quarter relates to the bargain purchase gain from the HCB acquisition. The largest components of the bargain purchase gain included a $2.4 million general credit fair value reduction to non-impaired loans, a $7.6 million fair value reduction for identified impaired loans, and a $5.2 million increase to the value of the deferred tax assets. In aggregate, the reduction in fair value to the HCB loan portfolio was $10.0 million or 9.3% of HCB gross loans at closing. When excluding the bargain purchase gain, core non-interest income of $133 thousand in the first quarter of 2014 was up slightly compared to $102 thousand in the fourth quarter of 2013 and $106 thousand in the first quarter of 2013.
Non-interest expense for the first quarter of 2014 totaled $3.2 million, an increase of $751 thousand or 30.4% compared to $2.5 million for the fourth quarter of 2013.
Pre-tax income for the first quarter of 2014 totaled $3.6 million, an increase of $3.1 million or approximately 600% compared to $507 thousand for the fourth quarter of 2013. When excluding the $2.6 million in non-interest income from the bargain purchase and adding back in $207 thousand in merger-related costs and $107 thousand in other non-recurring expenses, pre-tax income was $1.2 million for the first quarter.
The provision for loan losses in the first quarter of 2014 totaled $178 thousand, a decrease of $555 thousand or 75.7% compared to $733 thousand for the fourth quarter of 2013. The provision for loan losses reflects the impact of loan growth and a sound asset quality profile.
Other items
The net interest margin (NIM) for the first quarter of 2014 was 3.61% compared to 3.38% for the fourth quarter of 2013 and 3.48% for the first quarter of 2013.
Non-performing assets (NPAs) were $8.5 million or 1.42% of total assets at March 31, 2014 compared to $5.1 million or 1.09% of total assets at December 31, 2013. Non-accrual loans totaled $6.1 million at March 31, 2014. Loans 30-89 days past due totaled $8.8 million. We had no loans over 90 days past due and still accruing at March 31, 2014. OREO (including other repossessed assets) totaled $2.4 million. The increase relates to higher levels of non-performing assets at HCB. Non-performing assets at March 31, 2014 included $3.0 million of loans acquired from HCB with deteriorated credit quality which were recorded at their fair value at acquisition.
Regulatory capital ratios at March 31, 2014:
Tier 1 Leverage ratio of 12.09%
Tier 1 Risk-Based capital ratio of 12.08%
Total Risk-Based capital ratio of 13.03%
The allowance for loan losses (ALLL) to total loans at March 31, 2014 was 1.05% compared to 1.38% at December 31, 2013. The reduction in the ALLL ratio relates primarily to the purchase accounting adjustments required for the merger. The Heritage loans were marked to fair value and the ALLL for the Heritage loans was eliminated.
91 full-time equivalent employees (FTEs) at March 31, 2014, compared to 59 FTEs at December 31, 2013.
Non-interest bearing deposits totaled $73.7 million at March 31, 2014 or 14.1% of total deposits.
About First Bank
First Bank (www.firstbanknj.com) is a New Jersey state-chartered bank with eight full-service branches in Denville, Ewing, Hamilton, Lawrence, Randolph (2), Somerset and Williamstown, New Jersey. With $599 million in assets as of March 31, 2014, First Bank offers a traditional range of deposit and loan products to individuals and businesses throughout the New York City to Philadelphia, PA corridor. First Bank's common stock is listed on the Nasdaq Global Market under the symbol "FRBA".
https://www.snl.com/IRWebLinkX/file.aspx?IID=4099013&FID=23661927
*No TARP and the bank is selling below BV.
Marker:
First Bank (FRBA)
$6.05 down -0.16 (-2.58%)
Volume: 3,700
Bank mergers on the rise in NJ
July 6, 2014
* Community institutions find that acquisitions help them stay profitable in the face of new federal regulations
The economy may still be stuck in low gear, but the merger-and-acquisition market has accelerated in the first half of this year with a string of high-profile announcements, including large deals made by Facebook, Comcast and AT&T.
In the banking sector, however, the days of such mega-deals seem like a bygone era with regulators less open to the idea of big financial institutions getting even bigger. JPMorgan Chase, Bank of America and Wells Fargo have made no major acquisitions since the financial crisis of nearly six years ago.
Big bank deals aren't happening in New Jersey, either, with regulators holding up the pending purchase of Paramus-based Hudson City Bank by M&T Bank Corp. of Buffalo, N.Y.
But it's a different story in community banking. The merger Tuesday of Union Center National Bank and Englewood Cliffs-based ConnectOne Bank is the latest in a string of smaller North Jersey community bank deals that may represent the leading edge of a long-anticipated wave of small-bank consolidation. Deals among smaller banks, with less than a couple of billion dollars in assets, are on the rise, and not all of them are fire-sale acquisitions of troubled institutions.
In North Jersey, Lakeland Bank in Oak Ridge signaled the arrival last year of this new stage in the community bank merger-and-acquisition cycle with its $64.4 million purchase of Somerset Hills Bank, a small but well-capitalized and profitable lender with few problem loans. The price represented about a 30 percent premium over Somerset Hills' stock price the day before the deal announcement.
In May, The Provident Bank in Jersey City completed, through its holding company, the acquisition of Team Capital Bank in Bethlehem, Pa. Team Capital had about $1 billion in assets, comparatively few problem loans and made $6.5 million in profit last year. Provident paid about 1.9 times Team Capital's book value.
Wayne-based Valley National Bancorp recently announced a deal to acquire 1st United Bank in Boca Raton, Fla., and is awaiting regulatory approval. "That is not a troubled bank by any means," said Gerald Lipkin, chief executive officer of Valley National.
"[ The community bank merger-and-acquisition market is] a lot more active since the fourth quarter of last year," said Parsippany lawyer Michael T. Rave of Day Pitney LLP, which advised Valley National on the Florida bank deal. "A lot of the larger banks are looking at small to midsize banks as a way to grow the franchise, especially in markets they see as important and fruitful," Rave said. Those would-be buyers are increasingly willing to pay more than the market value of a company's stock, which means potential sellers are more willing to talk, he said.
"It's hard to say whether there is going to be a wave," Rave said. "But banks are realizing they need some sort of critical mass to succeed these days."
Lawrence B. Seidman of the investment firm Seidman & Associates in Parsippany agrees.
"Today a bank needs at least $1.5 billion in assets," said the activist investor at the center of the former Center Bancorp's negotiations to merge with ConnectOne.
With Center Bancorp's $1.67 billion in assets and ConnectOne Bancorp's $1.24 billion, the combined bank has about $3 billion. Center Bancorp adopted the smaller bank's more modern name.
Statistics from the state Department of Banking and Insurance show four community bank acquisitions involving New Jersey-chartered institutions were completed during the first five months of this year. Last year, a total of five deals were closed, and in the two previous years combined, there were only three.
The financial crisis and housing market collapse were particularly hard on small banks. More than 800 small lenders, those with less than $150 million in assets, have failed or were bought out since 2005.
In New Jersey, private-equity firms WL Ross & Co. and JC Flowers & Co. acquired large stakes in New Jersey-based community banks — Sun Bancorp and Saddle River Valley Bancorp, respectively — to use as platforms for growth, in anticipation of a wave of consolidation.
The Saddle River Valley Bancorp deal did not work out. The bank was closed after regulators discovered that a high-volume international wire transfer business was poorly monitored. And Sun Bancorp in Mount Laurel has struggled with high levels of problem loans and financial losses, making it look more like a potential seller than a buyer. On Thursday, it announced it was restructuring, with job cuts and branch closings.
Nonetheless, the banking sector in New Jersey overall is showing signs of a rebound, even as the state's recovery from the recession lags behind that of the nation as a whole.
Stock is the main currency of bank mergers, and share prices have risen, giving potential buyers more purchasing power. In the past 18 months the Nasdaq Bank Index, which includes most of New Jersey's publicly traded banks, has risen about 40 percent.
In recent deals, buyers have been more likely to pay a premium above the sellers' market value, said Thomas R. Mecredy, director of the Vining Sparks Community Bank Advisory Group in Memphis. "Stock prices are better, and [buyers] are able to offer a little better price," he said. "We are looking at cleaner deals with better premiums. It's back to the old way we used to do deals. It goes in cycles."
The rising cost of regulatory compliance and slim profit margins on lending in a low-rate environment are pushing some community banks to seek merger partners, Mecredy said. Banks have had to dedicate more staff hours to regulatory compliance and, in some cases, hire outside professionals to help them stay in line with the new rules.
"They have to get bigger to offset the cost of doing business," Mecredy said.
Thomas M. Hoenig, Federal Deposit Insurance Corp. vice chairman, said last month in a speech to a bankers group in Palm Beach, Fla., that consolidation in the banking industry started with deregulation about 30 years ago, when branching across state lines was permitted. Merger activity was ramped up by the legislation that allowed commercial banks to combine with insurance companies, investment banks and securities brokerages. The abuses and excessive risk-taking by large diversified mega-banks led to the financial crisis, which in turn led to increased government requirements on all commercial banks and "a rising fixed cost of regulation," Hoenig said. The expense is especially burdensome to smaller lenders that must pay lawyers to interpret the regulations, hire and train staff to beef up compliance programs and to react to risks of violations as they come up, he said.
"The regulatory burden contributes to the trend toward consolidation as smaller banks work to control costs and to survive within a highly regulated industry," he said.
Lipkin, chairman and chief executive officer of Valley National Bank, says he expects to see the number of banks in New Jersey and throughout the country continue to decline.
Lipkin said in a phone interview Wednesday that more and more small banks will likely sell themselves to larger companies in the months ahead because of high regulatory compliance costs that can include higher-priced insurance from the FDIC and expenses related to increased government requirements.
The Patriot Act of 2001, which expanded the Bank Secrecy Act, an anti-money-laundering law, requires financial companies to closely monitor transactions for possible links to terrorists. The Dodd-Frank regulatory reforms of 2010, passed by Congress in response to the financial crisis, include increased mortgage loan underwriting responsibilities for all lenders.
"The regulatory cost is a real burden to banks' operations," Lipkin said, adding that a regional bank such as Valley National, with $16 billion in assets, can absorb the costs, but for smaller banks, "it's almost impossible to manage the costs."
http://www.northjersey.com/news/business/small-banks-lead-in-buyouts-1.1046857?page=all
Marker:
Sun Bancorp, Inc. (SNBC)
$4.06 down -0.31 (-7.09%)
Volume: 171,197
Ok great..you're on record.
TY
When a maturity date on a loan has been extended 8 previous times the 9th one shouldn't come as a total surprise...or perhaps it did...yesterdays action had all the earmarks of a short-squeeze.
Hard to know what nearly 1 million shares being traded just before a long holiday w/e was really all about?? ":-0
Marker:
Supertel Hospitality (SPPR)
$2.445 up 0.805 (49.09%)
Volume: 930,125
Greenbrier Announces New Railcar Awards Including First For Tank Car Of The Future
LAKE OSWEGO, Ore., June 19, 2014 /PRNewswire/ -- The Greenbrier Companies, Inc. (NYSE: GBX) announced its first awards from multiple customers for construction of 3,500 units of its new Tank Car of the Future. These awards, along with other awards for 4,200 railcars across a full range of railcar types, bring aggregate awards to 7,700 railcars valued at more than $960 million since Greenbrier's press release dated May 21, 2014. In addition, the Company disclosed there is strong interest from multiple customers in the retrofit of pre-2011 built tank cars currently operating in flammable commodity service. Greenbrier expects that GBW Railcar Services, its recently announced repair, refurbishment and maintenance joint venture with Watco Companies, will benefit from substantial maintenance and retrofit awards when the joint venture begins operation later this year.
William Furman, Greenbrier Chairman and CEO, said, "We are inspired by the commitment to safety demonstrated by our railroad, leasing company and shipper clients. Long-awaited regulatory action in Washington, D.C. will soon reinforce America's longstanding priority to protect the public and preserve the natural environment. Current tank car rulemaking must take caution not to squelch or impede the economic miracle associated with the energy renaissance in North America. Development of unconventional energy, including oil and gas from shale formations, has been responsible for up to a 1.5% increase in GDP. This has led to the creation of more than 1.5 million jobs, with steady employment gains. Millions of additional jobs are predicted in the foreseeable future as production of downstream energy products such as plastics and chemicals gains strength throughout America in virtually all states. Meanwhile, manufacturing in America will continue to benefit from lower production costs driven by declining energy prices."
Greenbrier's Tank Car of the Future is designed for safer transportation of crude, ethanol and other flammables in North America as well as use for other hazardous traffic. The car has advanced safety features which include thicker steel, more robust top and bottom outlet protection and jacketed shells with ceramic insulation. These new design features combine to inhibit discharge of contents during a derailment, to reduce penetration of the tank shell and to slow "pool fires" that can result when hazardous contents of a tank car escape in a breach and are ignited. Fire that does not spread as rapidly allows more time for emergency responders to limit the potential damage to communities and the environment that can result after a tank car derailment. The new design will also be equal in capacity volume to the legacy DOT-111 tank car with a loading volume of 30,000 gallons.
Conditional Probability of Release (CPR) measures the likelihood of tank car spills in the event of a derailment at different speeds and by different car types. With the Tank Car of the Future design, at a derailment speed of 50 mph, CPR improves to just over 5% from 45% in bare DOT-111 legacy tank cars. This improves CPR by more than 8 times from the least-protected tank car to the most-protected tank car, the Tank Car of the Future. Also when measured by CPR, the Tank Car of the Future is twice as safe as the current state-of-the-art tank car for transporting hazardous materials—a fully jacketed and insulated CPC-1232.
http://www.thestreet.com/story/12749759/1/greenbrier-announces-new-railcar-awards-including-first-for-tank-car-of-the-future.html
Greenbrier, Watco Form Railcar-Repair Venture
GBW Railcar Services Aims to Meet Anticipated Demand for Retrofits for Tank Cars
June 4, 2014 12:08 a.m. ET
Railcar builder Greenbrier GBX +11.96% Cos. and short-line railroad operator Watco Cos. formed a railcar-repair company in anticipation of surging demand for retrofits to strengthen tank cars that carry crude oil and other flammable liquids.
The 50-50 joint venture, known as GBW Railcar Services LLC, is the first big move in the rail industry to increase capacity to retrofit tens of thousands of tank cars to meet tougher standards being formulated by U.S and Canadian regulators.
GBW would begin operations during the third quarter with a workforce of about 2,100, and have 38 repair shops in the U.S. and Canada, including 14 devoted to tank cars. Annual revenue is projected at $325 million.
"We're getting in front of a general need for tank car fixes," said Greenbrier Chief Executive William Furman. "This is right in the sweet spot of where we think the industry need is."
Regulators are considering expedited phase-ins for making cars that carry crude oil and ethanol more puncture-resistant in event of derailments. Greenbrier estimates about 68,200 general-purpose tank cars, known as DOT-111s, that carry crude oil and ethanol would need significant modifications, which would cost an estimated $15,000 to $80,000 a car. An additional 12,000 cars built after 2011 have sturdier tanks and components and would likely require less extensive work.
Canadian regulators have proposed that all of the older DOT-111s carrying flammable liquids be retrofitted or removed from service within three years. U.S. transportation officials are expected to adopt a similar timetable.
A series of derailments involving tank cars over the past year, punctuated by a catastrophic accident in Quebec last July that killed 47 people, have undermined confidence in the rail industry's ability to safely haul flammable liquids. Shipments are also surging from remote areas of North America not served by pipelines.
GBW will be headed by veteran executive Jim Cowan, currently senior vice president of operations for Greenbrier and former CEO of railcar manufacturer American Railcar Industries Inc. ARII +3.09% in St. Charles, Mo.
GBW will be able to perform maintenance and repairs on a full spectrum of railcar types, giving Greenbrier and Watco a large business platform in a repair-shop industry with few nationwide players.
Railroads hauled about 400,000 carloads of crude oil last year, compared with 4,700 in 2006. As tank cars haul more crude oil they rack up high mileage, requiring more frequent maintenance and repairs.
"We believe the [maintenance] business will grow tremendously," said Watco CEO Rick Webb. "We see the opportunity to be an industry leader."
Greenbrier manufactures tank cars and is the second-largest builder of railcars behind Texas-based Trinity Industries Inc. TRN +2.54% The Lake Oswego, Ore., company would be major beneficiary of tougher standards for tank cars, since some car owners would opt to purchase new cars, rather than invest in retrofits.
Mr. Furman earlier this year proposed a set of stopgap retrofits for older tank cars including installing sturdier valves and steel plates on the ends of cars to make them less susceptible to crumpling and leaking during collisions. GBW would be able to perform this work.
Watco, headquartered in Pittsburg, Kan., operates more than two-dozen shops for servicing railcars and locomotives. The company, which Mr. Webb's father started 30 years ago, operates 30 short-line railroads with 4,400 miles of track that connect railroad-dependent shippers with major railroads. The company also operates terminals where oil is transferred. Pipeline and energy storage company Kinder Morgan Energy Partners KMP -0.04% LP made a combined $150 million equity investment in Watco in 2010 and 2011.
http://online.wsj.com/articles/greenbrier-watco-form-new-railcar-repair-venture-1401852404
*Note that this JV will create 2,100 new and good paying AMERICAN jobs baby!! Right On!...Love it!! This is how America needs to heal its economic woes...not Gov't handouts and programs.
Marker:
Greenbrier Companies (GBX)
$64.61 up 6.9 (11.96%)
Volume: 3,303,080
Greenbrier Reports Record Third Quarter Revenue, Net Earnings, EPS, Adjusted EBITDA and Backlog
LAKE OSWEGO, Ore., July 2, 2014 /PRNewswire/ -- The Greenbrier Companies, Inc. (NYSE: GBX) today reported financial results for its third fiscal quarter ended May 31, 2014.
Third Quarter Highlights
•Net earnings attributable to Greenbrier for the quarter of $33.6 million, or $1.03 per diluted share, were over double the second quarter EPS of $0.50.
•Adjusted EBITDA for the quarter was $78.0 million, or 13.1% of revenue.
•Railcar backlog as of May 31, 2014 was 26,400 units with an estimated value of $2.75 billion (average unit sale price of $104,000), compared to 15,200 units with an estimated value of $1.54 billion (average unit sale price of $101,000) as of February 28, 2014.
•New railcar deliveries totaled 4,300 units for the quarter, compared to 3,400 units for the quarter ended February 28, 2014.
•Orders for 15,600 new railcars valued at $1.65 billion received during the quarter. After quarter end, Greenbrier received orders for an additional 2,700 units valued at approximately $320 million.
•Marine backlog as of May 31, 2014 totaled approximately $110 million.
•Board declares a quarterly dividend of $0.15 per share payable on August 5, 2014 to shareholders of record as of July 15, 2014.
•Repurchased 352,000 shares of common stock at a cost of $16.0 million during the quarter. To date, repurchased 641,327 shares of common stock at a cost of $26.3 million under a $50 million share repurchase program.
Progress on Strategic Initiatives
•Third quarter aggregate gross margin reached 16.3%, compared to 11.5% in the second quarter, and ahead of our stated goal of a minimum 13.5% by the fourth quarter of fiscal 2014.
•Manufacturing gross margin reached a record 17.3% in the quarter, driven by product mix, pricing and production efficiencies.
•Successfully met $100 million capital efficiency goal. Net debt has decreased nearly $160 million since February 2013 when goal was set. Management remains intensely focused on capital efficiency and ROIC.
•Greenbrier continues leadership role in tank car safety. Receives awards for 3,500 units of Tank Car of the Future; announces repair joint venture with Watco, GBW Railcar Services.
William A. Furman, Chairman and CEO, said, "This quarter represents a solid and sustainable performance level, and provides a good base for further growth and diversification. All three of our business segments improved their financial performance, with manufacturing and leasing continuing to lead the way. I am very proud of our employees for their achievements and execution against our strategic plan."
"We have diversified our product mix, added efficient capacity in lower cost facilities, and driven considerably more product through our leasing model, all in line with our announced strategy. This strategy is paying off and we expect growth from all areas in our integrated business model in the quarters ahead. Most recently, our planned repair joint venture with Watco, named GBW Railcar Services, will increase our scale in tank car repair, allowing us to participate in a meaningful way in the growing tank car repair business, with demand driven by retrofit, lining and maintenance needs from both the DOT-111 legacy and CPC-1232 fleets, as well as rapid growth in North American tank car traffic," Furman continued.
"In addition to tank car retrofits, we are also pioneering efforts to improve safety in the rail industry with our Tank Car of the Future design. Safety design features include thicker steel, more robust top and bottom outlet protections, and jacketed shells with ceramic insulation, along with full height head shields. Recently, Greenbrier received awards for 3,500 units of its Tank Car of the Future. These cars are eight times safer than legacy DOT-111 cars most widely used in oil and ethanol service today, and two times safer than the current state-of-the-art CPC 1232 tank cars, as measured by Conditional Probability of Release (CPR). We continue to call on regulators to issue new rules establishing safer tank car standards independent of rulemaking on railroad speed restrictions. Our government needs to act on this issue now. This will allow railroads to transport hazardous materials safer at any speed," Furman added.
[....]
http://ih.advfn.com/p.php?pid=nmona&article=62773985
Marker:
Greenbrier Companies (GBX)
$64.61 up 6.9 (11.96%)
Volume: 3,302,405
Greenbrier Companies (GBX)
$64.2599 up 6.5499 (11.35%)
Volume: 2,199,901
*..in 1 Year GBX pps has been a triple.
** Despite the Obama Administrations' anti-business, anti-oil and anti-anything asscoiated with the Shale boom currently underway in Americas' heartland companies like GBX are forging ahead. The untold and best part of this are the jobs this is creating within the rail car industry.
Book Value vs Market Value update
Stockholders' equity per outstanding
common share $16.07
http://www.firstfederalsl.com/wp-content/uploads/2014/04/Press-Release.pdf
MV is $11.51
FFSL is currently selling at a 28% discount to BV.
Marker:
First Independence C (FFSL)
$11.51 0.0 (0.00%)
Volume: 0
Book Value vs Market Value Update:
MAINSTREET BANKSHARES, INC. AND SUBSIDIARIES (Virginia)
As of March 31, 2014
Total shareholders’ equity was $24.3 million at March 31, 2014. MainStreet and Franklin Bank were well capitalized at March 31, 2014 under bank regulatory capital classifications. The book value of shareholders’ equity at March 31, 2014 was $14.20 per share.
<page 35>
http://ih.advfn.com/p.php?pid=nmona&article=62149387
BV is: $14.20
MV is: $10.65
*MREE continues to sell at a chunky 25% discount to BV...remains well capitalized...has no TARP..no TruPs...add all that up and they're ideal attributes when looking for acquisition candidate banks.
Marker:
Mainstreet Bankshare (MREE)
$10.65 0.0 (0.00%)
Volume: 0
FYI - it wasn't the first half of the quote I was focused on...it was the second half "the liability is about 50% higher than your stated".
Additionally, the preferreds are carried at $17.50 & $17.00 so the liability is about 50% higher than your stated.
Banks aren't known for being chatty Kathy's. Have you read past posts to get an idea what the story is here?
California Bank of Commerce Completes $16MM Common Equity Offering
June 30, 2014 10:00 AM
LAFAYETTE, Calif.--(BUSINESS WIRE)--California Bank of Commerce (OTCQB:CABC) announced today it completed its capital offering of $16 million in common equity.
“The new capital will allow the Bank to expand relationships with our existing clients, and allows us to meet the loan and deposit needs of larger commercial companies”
“We reached our maximum raise of $16 million five weeks after launching our public offering,” said Stephen Cortese, Chairman of the Board. The public offering attracted both existing shareholders and new shareholders, including a number of institutional investors. The Bank’s board and management also invested significantly in the capital raise. “It has been awhile since a Northern California bank has raised capital in a public offering to execute a growth strategy, and we are proud of our accomplishment,” said Cortese.
The Bank’s public offering was oversubscribed. “The new capital will allow the Bank to expand relationships with our existing clients, and allows us to meet the loan and deposit needs of larger commercial companies,” said Terry Peterson, President and CEO. Peterson added, “Our growth strategy also includes providing accelerated career opportunities for our existing bankers and sets a course to commence hiring additional business bankers, including credit and treasury management professionals.”
The Bank’s counsel for this offering were Ernie Panasci and Ryan Behrman of Stinson Leonard Street LLP. Robert Rogowski and Joey Warmenhoven of McAdams Wright Ragen, Inc. acted as financial advisors to California Bank of Commerce, and a portion of the offering was placed by Joey Warmenhoven of McAdams Wright Ragen, Inc.
http://www.businesswire.com/news/home/20140630005290/en/California-Bank-Commerce-Completes-16MM-Common-Equity
*CABC is one of the banks that replaced their $11MM TARP loan from the Treasury with a loan from the Small Business Administration (SBLF fund).
You can read about that program here:
http://online.wsj.com/news/articles/SB10001424052970204138204576603100469929700
Marker:
California Bank Of C (CABC)
$10.75 up 0.2 (1.90%)
Volume: 600
FD: I do not own shares of CABC at this time.