Premiere Service Bank (fka PSBK)

[56Chevy]

Nothing official has been said BUT it's now 2013 and the FCAL - PSBK - PACW trilogy deal still remains undone.

It's true that the timing of these proposed mergers came in in an awkward fashion with FCAL making an offering for PSBK first and then PACW comes along months later and makes an offer for FCAL.

It's possible but I can't imagine any of the parties having buyers remorse now so why the delays?? It's not like PACW didn't know FCAL had a deal in the works for PSBK. You would have to assume the delays could only be the work of the King's of Slow - Uncle Sam & his band of merry regulators...at least that's what I kept telling myself. Now I'm not so sure.

The longer this doesn't get done the trickier it gets for shareholders as to who gets what for what. BV's haven't changed much but the individual market prices have. PACW & FCAL's pps have continued to climb but PSBK has been in limbo so long their pps has started to decline. It could be some shareholders are starting to feel they've been left at the alter.

I don't know if PSBK has a termination fee in the deal (if it comes to that) but my guess is they do. PSBK still owes TARP $4MM and they may have just lost alot of time looking for a new bff if this doesn't go thru :~\

We'll see. PSBK's BV is $5.02...but the market values it at .90!