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Seacoast Banking Corp. of Florida Message Board

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  • marifry marifry Nov 13, 2009 12:18 PM Flag

    what's up with this purchase by Michael Crook

    I think it's a show of confidence in the company for the long-term. So many on this board are disgruntled employees and I think they have every right to complain and drag the company into the ground...but I'm hoping (as a stockholder) that they can come out of this recession in tact and build strength again. Maybe that is a pipe dream, but someone else thinks so too.

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    • Sure I agree but disgruntled employees havent driven the stock price down from 2.5 to 1.10. Managment did that by taking in the secondary and then writing off the kitchen sink. Since mgm doesnt control the CRE market and has a heavy concentration in a bubble market (nothing new in that disclosure)there can be no assurance that there isnt more to come. The fact the disclosure though came after the secondary drilled that fact home.

      The one thing I have learned in the last month or so is that a successful secondary doesnt mean green light. Especially in bubble areas.

      • 1 Reply to imd85
      • Why would a disgruntled employee post negative information about his/her company? Bad stock performance by the company could lead to more layoffs and they would lose their job?

        The CRE market is in shambles---for everyone and it is greatly affecting this stock because of a complete lack of leadership, and in my humble opinion, a lack of truth from management.

        Remember, they just had a secondary and on December 3 they will ask to have the authority to issue another 65 million shares. So if you owned this stock last year, it has been diluted by 30% already and they want to dilute it again by about 60% more.
        How can this be good for a shareholder?

    • Sandler Oneill Conf-are our boys tooting their horn?

      Insider buy does show confidence. Look, the SNV guys are buying their asses off as well but if you look at the guys buying they own a tremendous amount of shares already so I dont know if its smart money or desperate money if you know what I mean.

      CSFL looks a hell of lot better then SBCF at the moment.

      I still think with these regionals you need to buy a handful all over the country and if one hits you will make out. Playing just one is risky. Playing just one in Florida or Georgia is really, really risky.

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