A quick look revealed nothing alarming--though how it stub its toes in FLA was interesting. The financial is sound, and like you pointed out, it's cheap. I need to looked at it again. (like wine, the second round is always better.) FFFD looks promising. Thank you.
My mind works better once some basics like location, local employment, etc. sinks in. I'll get back with you once I sleep over it.
I panicked after several banks reported expanded margin and shrinking provisions as a percent of non-accruals, both indications that things were turning for the better. (This is the thesis I conceived about a years ago. Somehow the margin expansion did not materialize until almost a year late.) I got in a few more banks without "sleeping over" them. I have about 10 banks right now. There are a couple that I found interesting, one being your FFFD, so..."Preferred" is definitely one to be bumped out.
I like the idea of diversifications, however, I do not hold diversification as been sacred. I break the rule when profound valuation and/or opportunity presents itself. Remember insurers in 2001, and utilities in 2003? I think banking is the one at present, and at the turning point. (The last one was commodity, though the recession tempered it some, it has not run the course yet. Financial was my largest sector for the entire past 12 months, I am still heavily in natural resources.)
I wrote a message titled "basket case" suggesting a basket approach in investing in tiny/mediocre banks. What I did not spelled out was that when all the eggs are in the same basket, and the basket tips over... One gotta have conviction to do what I do.
There maybe an opportunity to get back in WIBC or CVCY, so I hope.