$178,000 was needed for full allocation. what a joke. these staten island banks suck!! same thing with richmond county years back. i will stick with my New Jersey banks. they seem to work out better than NY. refund checks go out on friday, november 9. waisted many years waiting for this one.
fantastic !!! this will clean out the game of thrift investors here this very unpleasent difficult bank in SI with a very nice deposit share something like 10% , goes mhc , defends itself . makes very few loans and bought a pool of loans cdo whatever . i dont much like that bank , so allocation in a huge market downdraph , had a spectactular low allocation and a sub standard pop .... i dont like these mhc 's now very little earnings or growth and no chance for sell outs and 2nd steps do not help share priice as valuations are decling and the housing biz is lousey............ the golden age of banking is over ......... now i look for sub book fully converted clean thrfits ready to be bought out .....mhc offers little now as 2nd steps valuations down and not likely to rise as long as housing is down.....2nd steps getting done at 87% of book big jersey ones migh go off AT 100% of book now way down from 115% a few months back..............................the golden age of mhc is over..........dump mhc these funds are going to get fed up with them after many years and there is no answer 2nd step offers nothing now !!!! we need fully converted piiggie at 65% of book in new jersey again ! joco
Thrifts have found a great way to make money and still hold on to contol of bank by owning more than 50% of shares. Then they may go 2nd step in the future and get more publicity and money.
They try to confuse their depositors with fully converted and partial converted valuations.
They are trying to fool people into believing things are as they once were but recent conversions have not gone all that well. Even in this enviornment valuations are still not as cheap as they once were especially given the fact that banks are now out of favor. Cape has filed for a stock offering as a full conversion but is valued over book.
Given the problems in banking they are still oversubscribed. Most of these conversions are not for the shareholders/depositors but for the CEO's and BOD's and you are dealing with businessman.
Do you think they will willingly have full conversions and low valuations.-unfortunately not likely any time soon.