INSIDER TRANSACTIONS REPORTED - LAST TWO YEARS Date Insider Shares Type Transaction Value* 7-Jan-08 BARTRAM DAVID Officer 1,000 Direct Statement of Ownership N/A 14-Dec-07 COSSOLIAS GEORGE Director 400 Indirect Purchase at $12.17 per share. $4,868 14-Dec-07 BECK ROBERT P Director 500 Direct Purchase at $12.10 per share. $6,050 12-Dec-07 PITCHER DONALD A Officer 3,200 Direct Purchase at $12.09 per share. $38,688 12-Dec-07 WACKNITZ STEPHEN H Officer 5,000 Direct Purchase at $11.92 - $12 per share. $60,0002 12-Dec-07 BECK ROBERT P Director 1,000 Direct Purchase at $12 per share. $12,000
Many of us who have been investing in TMCV since the beginning are sorry to see Tom Shepherd go. The Bank loses a top-notch Chief Credit Officer. Not sure if this is a sign of things to come or not. Question is, who will replace him? Probably will first look to hire from within, but does anyone know if a current officer is interested in filling the vacancy? Might have to reach outside the Bank for a willing candidate.
As I have noted in the past, TMCV has some rough trails ahead in 2008 - joining the ever-growing fraternity of real estate-heavy banks in SoCal - but I believe that they will persevere and work through their issues over the next 12-18 months and come out stronger than most of their brother institutions. But it's no secret to the investment community that some level of charge-offs, write-downs and losses are forthcoming. Hopefully, with the addition of David Bartram to the Bank's SBA Division, the Bank will see a boost in profitability within that area for 2008, which could help mediate some of these losses. I think that the stock price is a "bargain" at this level (well below book). I'm adding to my position. Good luck to all.