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Mayflower Bancorp, Inc. Message Board

  • rrtzrealmd rrtzrealmd May 15, 2013 10:09 AM Flag

    Definitely a sell...

    ...36 plus million for MFLR???...there must either be some significant hidden assets or else Independent's management is nuts...I had studied MFLR in the past and didn't think it was worth no more than 12-13 bucks...

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    • Hidden assets---over $1 million in loan loss reserves against no significant bad loans. Also, the bank owns all of its banking real estate, much of which has been depreciated on the books. Add all that to the net asset value plus a slight premium for being desirable and you come right to the offer. Add in that fact that Rockland will gain a very significant full service office in Middleboro, and that other Mayflower branches are in areas that Rockland has minimal presence and you will see that this is a great buy them. If anything, the offer may be a few dollars low..

17.600.0000(0.00%)Nov 15 3:09 PMEST

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