Timyan Bank Alert
@TimyanBankAlert
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Timyan® Bank Alert is a Timyan Ventures publication written specifically for community bank stock shareholders and investors.
Chicago, IL
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Thanks to everyone who has reached out.
I’ve now been in touch w/ 43 community bankers since Monday.
Not a single one reports unusual deposit outflows. The majority have had inflows and credit is still very good.
It’s a great time to support your local bank.
Cc
@ICBA
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Thank you both! I have spoken to 14 community bankers around the country. Not one has seen deposits leave and well over half report new $ coming in.
Cc
@ICBA
Time for Americans everywhere to support their local banks and have a much better banking experience.
We are seeing the same in Minnesota. Deposit growth in the community banks.
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Community banks — typically tight-knit lenders that serve local businesses and hold $10 billion or less in deposits — have seen inflows in recent days via
@business
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It has been awhile since I had a bank stock go up 700% Carver Bancorp $CARV thanks Robin Hood.
I’m gone.
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What would anyone pay for a bank like this? Answer in either PE or PB please.
1 branch
Almost $1B in assets
ROA = 2%
ROE= 37%
ER = 39%
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The 3 yr anniversary of 8 conversions is upon us. All 8 will be eligible to sell.
Thanks
@jeffggilbert
for reminding that Partners Trust $PRTR converted 7/14/2004 and sold to $MTB on 7/19/2007.
$TCBC $BLFY $CULL $TCBS $PBBK $MGYR $BCOW $NECB
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1) Marine Bank of FL is being acquired for $43.50 in cash. The prior $MBOF trade was $24.10
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LCNB $LCNB hires investment bank to fend off Phil Timyan - Cincinnati Business Courier via
@BusinessCourier
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Dear Bank CEO
If a shareholder has questions or would like to meet with you, it is usually better to meet yourself instead of wasting the bank’s $ on a dim-witted attorney to send a snotty letter. Republic Bank of Arizona $RBAZ
@phxchamber
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In honor of Thanksgiving, I wrote up a turkey of a bank. $PDLB
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Western Alliance Bancorporation Issues Statement Disputing Recent Financial Times Article $WAL - no position (yet)
@FT
quite reckless and irresponsible.
-
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Banks’ P/E’s are at a ridiculous extreme | Bankstocks
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Does anyone think a 19 year old should be appointed to the board of directors of a bank?
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Scotiabank $BNS announces agreement to acquire 14.9% equity interest in perennial slacker, KeyCorp $KEY
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Banc of California, PacWest in Advanced Talks to Combine - WSJ
$BANC $PACW
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Timyan® Bank Alert: 24 Underperforming Bank Stocks
Stay tuned for more on these banks coming soon.
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20 Lessons About Banking from 10 Years of Study — Maxfield on Banks
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Ben Gerlinger deserves high praise sticking to his guns in the face of
@FT
and others’ poor excuses for journalism on Wednesday. $WAL
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Half of the $WAKE 164% return over 27 years came today.
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How not to run a publicly traded bank. $LCNB
A tale of poor corporate governance, entrenched management, an ill-conceived acquisition strategy, mismanagement of purchased banks, abuse of shareholders and a seriously awful execution of a share repurchase program.
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$KEY is lower now than at the time of the 1993 MOE that created the mess. 30 years of ineptitude. “The dawn of a new era in bank mergers” They said.
Key's profits have sunk. Can it move fast enough to soothe investors?
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Oddball Stocks: Small Bank Interview with Sam Haskell of Colarion Partners: $TRUX $LOB $GLBZ $PFBX $CRZY $ASRV
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What America’s tiny banks do that big ones don’t
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ST disappointment for $FSUN holders looking for a sale
Great for bank investors
1) Victory for $HMST activists
@thebankzhar
and Blue Lion
2) Fresh capital in from savvy investor (Wellington) as in $BANC $PACW deal
3) flushes serial bad actor, Mark Mason
FirstSun Capital Bancorp $FSUN and HomeStreet $HMST Announce Transformational Strategic Merger and $175 Million Equity Raise -
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@Aureliusltd28
@thebankzhar
@CorpusCol
@OurBank3
@chasesfish
@colarion
@Ron284Ron
@SteveChuck5
Sorry late to the poll. Busy taking grandson to see his dad at work.
The only one of these I’be ever bag held so far is $C.
Don’t tell
@colarion
- he’d be ashamed.
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Bonuses to executives at failed banks must be clawed back
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How does this happen?
$BNCC is a $1B+ bank, just posted a 5% ROA, 44% ROE quarter and has zero analyst coverage. Still trades below book value.
#CommunityBanks
OTC Markets | BNCC
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Another bank that isn’t priced correctly:
58% of book value
6.8 x earnings
10.7% ROE
Best bank in wealthiest county of PA
First Resource Bank Announces Record Third Quarter Results; Net Income Grew 20% Over The Prior Quarter via
@wcdailylocal
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$NECB shareholders owe a huge debt of gratitude to Joe Stilwell’s brilliant 2018 apology and “offer he couldn’t refuse” that paved the way for a second step conversion which provided the capital for the bank to thrive in spite of the
boardroom grift. 🫡
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Shareholder letters from Tom Sinnott @ $BKUT Bank of Utica are always cringeworthy.
@MidwestHedgie
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Some have other agendas.
Seems a good day to recirculate this.
“You’re going to see a regional bank failure every day. Or not every week. Maybe two a week…”
People are interested in bank failures. Here is one.
Conn’s isn’t really a retailer, mgmt just uses furniture as collateral to make consumer loans, like a bank.
People have bought less furniture post covid and higher rates and tighter terms hurt.
Watch the shadow banks.
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Last month I highlighted 24 banks that are ripe for a shareholder proposal recommending sale of the bank. Today, $PROV disclosed their annual meeting results.
More people withheld their vote for Chairman Blunden than voted for him.
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Another CU buying a bank. DCFU, which previously bought First Citrus in Tampa,is buying the Florida operations from $MOFG. Next up, $MOFG should give up and sell the rest.
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Finward Bancorp $FNWD and Royal Financial $RYFL Announce Signing of Definitive Merger Agreement
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Two-year-old California bank amasses $500 million expansion war chest
Thank you,
@reosti1967
!
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Stayed tuned for a fresh list for further study to start 2020 including from some US and other Territories.
Timyan® Bank Alert: UPDATE: 2019 Stock Picks for (Almost) Every State
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Cambridge Bancorp $CATC Enters Into Definitive Agreement to Merge with Eastern Bankshares $EBC .
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Hats off to $HBAN Chair Steinhour who stepped up and spent $244k to buy 18,750 more Huntington Bank shares in a week when the value of his holdings dropped by over $10MM
He now owns 5,922,857 shares 💪
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Right! And a salute to
@colarion
for his steadfast bullishness on $TRUX from day one. I still own the $10 shares he got me when he was a Sterne Agee broker and it was $NBTH - Nashville Bank & Trust.
@TruxtonTrust
Gotta admit, the 10%+ gain today on this $TRUX news offset a lot of the pain from that $PX reorg/uplisting owwie this morning lol…
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Banks eager to resume M&A predict 'wave of consolidation' in 2024
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$40.50 merger consideration will greatly improve this $CSKL chart.
Hudson Valley Credit Union to Acquire Catskill Hudson Bank $CSKL
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Eastern Bancorp $EBC
Call report indicates another $30MM in earnings for q3 and funding costs cut in half from q 2 to 6bps. Yes 0.06%
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Orrstown Financial Services $ORRF and Codorus Valley Bancorp $CVLY Announce a Merger of Equals to Create a Pennsylvania and Maryland Community Banking Franchise
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Converted savings bank investor patience rewarded.
$PPFS converted 5 years ago. Shares closed yesterday about where they opened after the IPO. Today they doubled. $FMAO
#BankMergers
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As $LCNB tangible book value perhaps bottoms here near $10 per share, it’s worth noting that in 2013 when book was $20, LCNB did a secondary at $17.50 to buy Eaton Bank & Trust for a 142% premium and in 2018 they paid 218% of book to purchase Columbus First. 💀☠️🪓 💣💣
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$PVBC Stilwell 13d update.
@BankProv
(And on June 12th permission was requested to increase ownership to 14.9%)
Hard to imagine any outcome other than a sale of the bank at some point.
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David Rosenberg’s excellent and timely shareholder proposal for $MSVB passed.!
A big victory for shareholders.
Management has failed all stakeholders except themselves and the savvy veteran who skinned them like chickens.
Cc
@reosti1967
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These small bank stocks were green today!
$BVFL $CALB $CBAN $CBKM $CBMB $CFDB $CIZN $CLDB $CNBN $COFS $CROL $EFIN $FIEB $FBPA $FBSS $FDBC $FSEA $GRRB $HFBL $IBTN $ICBK $KTHN $LOGN $MCBI
$MBLU $MFDB $MFGI $MNSB $NYCB $PBBI $PBCO $PFBI
$PNBK $PVBK $PLBN $RIVE $SUGR $TBBA $VBFC
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$ESBS, being a non SEC filing company chose not to include my Shareholder Proposal in its Proxy and to make it difficult for shareholders to vote for it.
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After watching Mason take care of Mason at BankPlus years ago, I could never entertain investing in $HMST at any price.
Investors should vote against this ridiculous pay package.
@HomeStreetBank
After seeing their Homestreet $HMST shares dinged 69% over 5 years, owners are being given a vote on CEO Mason’s $5mln parachute plus $830k new job (and 100% bonus) as part of $FSUN merger.
How do you think they will vote?
Fyi market currently pricing merger to fall through.
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First Financial Corporation $THFF and SimplyBank Sign Merger Agreement | First Financial Bank
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Multiple reports that this was the best banking event on record. Will not miss another. 👍🫡
had a special time with a few friends over the past three days...
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ChoiceOne Financial Services $COFS Announces Merger with Fentura Financial, $FETM and a capital raise.
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This piece by
@JeffKDavis1
in
@SPGMIFinancials
may have been the most important thing written about bank stocks for investors in 2018.
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Hint: the blowups are outside of banks.
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Andy sets a great example, not only for community bankers, but business people and investors from all walks.
He’s a must follow.
You may have noticed that I have been diving deep on historical business players in the local arena. In my 40's, I really want to make as much impact and connect as many people as I can to make Minnesota a great place to live, work, and play. I'm hoping to help find, fund, and
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Dear $MSVB
This is how you repurchase a large amount of stock without putting the interests of one party above the others.
$CMUV Bancorp launches tender offer for share repurchase
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$FFIC -Larry Seidman is spot on here.
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In NJ, $UNTY finally getting some recognition for the stellar 47% efficiency ratio and 1.5% + ROA.
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$BLFY Shareholder Proposal
@BlueFoundryBank
wasted capital in a disingenuous attempt to keep the Proponent’s proposal from being voted on by shareholders.
Activist investor Lawrence Seidman and Blue Foundry Bancorp are still butting heads as the shareholder pushes the bank to sell
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Fidelity Deposit and Discount Bank is a wonderful community bank in NE Pennsylvania that uplisted on NASDAQ last year and got into the Russell index. It is NOT however, worth today’s price 298% of book value and 27 x EPS. $FDBC
$FRAF $MFGI $CBBI ought to be thinking of listing.
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A bank-merger moratorium isn’t just bad policy. It’s illegal.
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Coming soon: The fifth in this series highlighting banks not giving shareholders a fair shake.
Timyan® Bank Alert: 24 Underperforming Bank Stocks
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We believe this combination will strengthen our position as one of the leading Asian American banks in the country by expanding our footprint to the Hawaiian Islands $TBNK $HOPE
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WesBanco (WSBC) Announces Merger with Premier Financial Corp. (PFC) .
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Note this is $5 per share below the $CSTR stock price in 2017 when instead of negotiating a sale to Gaylon Lawrence, they instead paid up to acquire Athens Federal.
Old National Bancorp - Old National to Partner with Nashville-based CapStar
$ONB $CSTR
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Dear Citizens Bank of Miss $CIZN - why would you pay 140% of book value to acquire another bank when you can buy your own stock back for 110% of book? Don’t you like yourself?
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I was a 5% holder of New Resource Bank when $AMAL purchased NRB. Had many conversations w/ Keith back then as Amalgamated was privately held at the time. He presided over a very well played turnaround of a unionized bank. This is just what $ASRV needs.
@KeithMestrich
Saw this today, it might be what ends the deadlock at $ASRV
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Another good call from the man who brought you the great $C buy recommendation last fall.
3 Predictions for Bank Earnings:
- Banks "beat" beaten down projections on NIM/NII and miss on loan growth. Expenses & non-interest income flat-ish. IB/CM types pump the return to ECM/DCM & M&A activity (with some Trump boom fantasies sprinkled in calls). Credit remains benign
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How does a banker buy $86MM worth of stocks for his own bank’s account and neglect his own bank’s shares trading for 45% of book value? $BKUT $BKUTK
Has he no faith in himself?
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Happy Bank Merger Monday!
In PR-First BanCorp $FBP is paying 166% of book for Banco Santander Puerto Rico.
In CA-Bank of Southern California $BCAL is paying 179% of book value for CalWest $CALW
In NY-Community Bank System $CBU is paying 167% of book value for Steuben Trust $SBHO
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The $FBNS merger into $BXS at 1.54 x TBV and 19.4 x EPS highlights how cheap $BFCC is at 74% book and 7.4 x EPS (1.02 x TBV)
Map from
@SPGMarketIntel
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Well done by both you and Ben! $WAL
🫡
Hovde group initiating coverage on $WAL today with Outperform rating and $65 price target. Very gutsy (and unusual) for someone on the sell-side to step in front of a situation like this.
Disclosure: Long $WAL.A/ $WAL.PRA
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I’ve never seen a letter quite like this to a bank regulator before!
$FUNC
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$IDFB Peak Bancorp becomes the first pick to merge this year.
Props to Tom & Joey at JWTT for their astute capital raise here in 2019. 🌊🌊
#BankMergers
Timyan® Bank Alert
7
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18
Fund to invest $250 million into Black banks – Black Bank Fund
$MFBP $BYFC $CARV
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3
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@NotThatTimD
Yes- when we at Royal Savings Bank bought the failed Washington Federal Savings in 2018 the FDIC did not pay out any uninsured deposits.
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NexTier, Inc. and Mars Bancorp, Inc. Announce Merger $MNBP
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PRINCETON BANCORP, $BPRN AGREES TO ACQUIRE CORNERSTONE FINANCIAL CORPORATION $CFIC
Merger expense equates to 25% of equity. 🤮
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If your own stock trades at 9x eps and 62% of book value, why on earth would you buy someone else’s cast-off branch for a full price in a town you’re not already in to have a 0.36% market share?
$MNMB $OZK
Pass the dunce cap please!
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1) In the wake of Dow down 600, these small bank stocks were green yesterday. Did I miss any?
$TSBA $FUSB $PLBN $DBCP $DLMV $ASRV $FGFH $QNTO $FBTT $BORT $NWYF$NIDB $ISBC $FFIC $CFBK $WNRP $AMFC $ALBY $GLDT $SSBI $RYFL $WMCB $CABT$HMNF $FNHM $TDCB $SRNN $TFSL $WAYN $FCIT $LDKB
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