Can't help but wonder what H Bancorp's current strategy is for Bay Bank. It's now appears to me that the breakup of the fund was probaly driven by other shareholders who wanted out. So where do we stand with Hovde now? They have 3 banks in different geographical areas and only one of which is public and although the remain a large shareholder of Bay but they don't have total control. I have to wonder if their interests are still aligned with mine or is it in their interest to keep the share price low so they can aquire more stock.
I don't follow. Of course distributing shares to the fund shareholders was to give them (the shareholders) greater flexibility with their shares and the ability to sell if they wanted. Hovde still holds the bulk of the shares. Whether he has total control or not isn't an issue - we have a public corporation and as time goes on, it's going to grow, and there are going to be new/more shareholders. In my mind, that's what growing is all about. There are going to be more capital raises and shares issued along the way - because we are going to continue acquiring more banks and you need currency of one form or another to purchase things.
Their interests are still aligned with shareholders - that's why Joe is Chairman. The objective is to make it successful - certainly not to keep share price low to acquire more shares. You think Caplan and Cashen have invested a good chunk of their own money to see the share price kept low? Preposterous.