Ohio Legacy Corporation operates as the holding company for Ohio Legacy Bank.
Good observation. A possible toxic loan portfolio? And therein lies the large mystery not known to me and others--assume that has a very large influence on the stock price? Our Canton area economy is improving. People are shopping at Belden and other retail outlets. It will all work itself out. Hope so.
Canton area is not improving, it's worsening, still has job losses and high unemployment, population decline. Sure, many there have money, and will spend, but are more frugal, and eschew luxury and items that aren't necessary. OLCB's bad loans are noted in the 10Q, and they sold one real estate project for a small loss, while holding others, trying to find buyers. They are included in net tangible book value, as they have been marked to market.
Stocks are forecasting mechanisms, and while not always accurate, the fact is few want to buy or own this stock now. My few shares were gifted to me. I bought at $10 and sold at $11.50 long ago, but the giver was a major bagholder.
I see no reason to sell my shares now, under a buck; I'm willing to let them go to zero, or await possible better times for the company. There is a chance they'll raise its capital to assets ratio and get off the warning list.
Also, a chance another bank will buy it for book value or slightly less, which would raise the share price.