Coast Bancorp (CA) (fka CTBP)

[56Chevy]

Coast National Bank for 2012 had a profit of $87,000 with a market share of 711,200 making the profit $0.12 a share.
With the bank equity at $7,245,000 and market cap at
$1,210,000, the bank is trading at 16.7% of equity.

If CTBP was to actually trade at the same as the competition, then share price should be around $10.00 pps.

Makes me believe this is undervalued.

Red flags- Equity shows $7.245MM however the bank issued Trust Preferred shares in Sept. 20th 2007 for $7MM and has NEVER paid a dividend in over 5 years which accumulate. Unpaid dividends comes to $2.35MM + $7MM in principal amount = $9.235MM.

Equity is negative by approx > $2MM..which means common equity should sell for $0.

This bank is seriously overvalued. Plus we don't know the number of shares outstanding.

source:
http://www.sec.gov/Archives/edgar/data/1141575/000110465907070443/a07-24246_18k.htm

source:

https://cdr.ffiec.gov/public/ManageFacsimiles.aspx

*buyers beware.