Check the 13D filings on the Seacoast website. Go to Regulatory filings. Terry Maltese, a main ivestor purchased $41,183,550 into his personal and company investor accounts. Some into Cayman Island accounts. CapGen also bought a large amount. With them buying and the directors from Seacoast buying, I think something is in the works. A 13D filing is for a major investor that sould take control of the voting powers. The Seacoast directors don't seem concerned or else why would they buy stock. As soon as Seacoast repays their tarp money, there should be a pop. This stock moves well at low volume levels. I am all over it.
Somebody needs to explain to me how any Florida based bank survives based on the following from the Mortgage Bankers Association on 8/20:
“Florida continues to establish itself as the worst state in the union for mortgage performance, closely followed only by Nevada. In Florida 12 percent of mortgages were somewhere in the process of foreclosure, the highest in the nation, and another 5 percent were at least 90 days past due as of the end of June. A total of 22.8 percent were delinquent at least one payment or in the process of foreclosure, which is almost twice the national percentage if the Florida numbers are excluded."
How does Seacoast possibly justify a 4% loan loss reserve when 12% of mortgages statewide are in foreclure, another 5% are headed that way, and Martin Co. is probably in worse shape than the state as a whole? And we haven't even gotten to commercial loans yet.
It's simple math and the numbers do not add up to me at all. Even with all the new capital, how does Seacoast survive this?