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First National Bank Alaska Message Board

  • ramoswyandotte ramoswyandotte Aug 9, 2010 9:51 PM Flag

    Northern Exposure

    Hello, I'm a very new shareholder. First time that I have ever owned a stock this high. Actually, I do own a bank with a higher share price, but not one located higher than this latitude. Or above 50 degrees N, for that matter.

    I usually do not pay more than book value for a bank these days, but all my research gave me an excellent impression of this management and franchise. I intend to make a site visit some summer soon.

    Looks like earnings are holding up very well. It appears to me that they recently applied for permission to pay dividends at a higher rate in the upcoming year than historically. I wasn't aware that a well-capitalized, non-TARP bank even needed the OCC's blessing, but I suspect that approval will be routine. The planned mid-October $100 dividend (a special one?) looks pretty sweet to me.

    This bank would be a jewel anywhere in America (i.e in the lower 48 too), but it thrives out of the limelight. Did anybody attend the shareholder's meeting this year? Any update available from someone with boots on the ground up there?

    Regards,
    Ray

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    • Low or no volume looks to make getting in and out of this holding pretty hard? How long did it take to get your order filled?

      • 1 Reply to magoo_danny
      • Yes, this is an extremely illiquid stock. Figure out what it's worth to you, use a limit order, be patient and don't chase it. About a month ago, my order for three shares happened to fill on the day that I entered it. That is my entire holding to this day. If I had five shares, this would be a more typical position. This type of security suits my time and temperment. I do a lot of research and then wait for the right time and price to buy. I usually buy a partial position and let it season before I ease into the rest. Do your own due diligence, as this issue is not suitable for most investors. Good luck, Ray

    • I could use a little banter on this stock too, I'm about to put a large position in place. Maybe everyone who owns it wants to keep it a secret??

      • 1 Reply to magoo_danny
      • Hey, I’m not much of a chatterbox. There are plenty of obscure stocks like this, flying completely under the radar, which deserve consideration. You have to be careful to research thoroughly before buying. This bank is a pretty safe bet, as it files quarterly financial statements with the FFIEC, issues press releases 10-Qs and 10-Ks, maintains a website and pays a regular dividend. Everything points to a well-managed and sound institution.

        So, in my personal opinion, buy it and put it away until something unlocks value. A stock like this is one article away from a nice bump: a report touting the stock based on the strength of the energy-based Alaska economy, speculation about succession planning due to Mr. Cuddy’s advancing age or an outline of the competitive environment since Wells Fargo bought National Bank of Alaska.

        Actually, I think someone will “discover” the special cash dividend, payable on October 15, 2010, to shareholders of record as of October 1, 2010. It’s already declared, but provided it’s authorized by the regulators, we should see some pretty good action over the next several weeks leading up to the ex-dividend date, which I peg as September 28th.

        But, why doesn’t anybody ever stop by here to opine? Who knows? Everybody up in Alaska must be enjoying the long summer nights. I don’t blame them—it looks absolutely beautiful this time of year. Perhaps we will get some more scuttlebutt when the weather turns cold and they turn their attention back to their computer screens. The special divvy will buy lots of provisions for those freezing winter nights.

        Regards,
        Ray

 
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