Citizens Bank paid $775M for San Joaquin Bank's assets. The parent company (SJQU) is sitting on a pile of money right now (3/4 of a billion dollars). This stock is way undervalued.
"As of September 29, 2009, San Joaquin Bank had total assets of $775 million and total deposits of approximately $631 million. Citizens Business Bank did not pay the FDIC a premium for the deposits of San Joaquin Bank. In addition to assuming all of the deposits of the failed bank, Citizens Business Bank agreed to purchase essentially all of the assets."
"Citizens took over about $630 million in new deposits and purchased $775 million in San Joaquin's total assets, according to a statement issued by the FDIC."
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