There inlies the answer perhaps. If it was a smaller sized community bank with a few branches in the Tehachapi area I can see why it commanded a low end buy out price. That region of So Cal is in kind of a 'no man's land'. There may also have been Directors with a stake who wanted out sooner rather than later as well ?? hard to say. But I do know had that been located more towards the northern Calif region, especially within the influence of San Francisco\Silicon Valley, I can say with near certainty the buy out price would have commanded a nice premium.
I think FSWA can command a nice premium in a buy out situation. It too is just a small community bank but unlike the Tehachapi bank it sits in a very prime desirable location. Banks are like real estate its all about location..location..location...and FSWA has it. Just don't over pay.
Good luck.
Chevy
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