I know we would all love a bargain purchase on this stock but it looks like it goes lower than 4Q of 2007 when it was $5. There will be tax loss selling and probably some loan losses/accruals. The economy is not getting better. 4Q 2008 may be a low point. If the earning power is $.25/shr and hard book value is $3 where will the stock be: How about 10 times earnings and 80% of hard book. That is $2.50/shr down 47% from today's price. Wait and watch.
The stock is dead money. Book value is $8 but goodwill is $5 so hard book is $3. That means more writeoffs and the stock is still too expensive. Other regionals and community banks are selling at 50% of book value. Loan losses will increase because of the huge overweighting in commercial loans in Denver. in case you have not noticed, business is not good. Look how PacWest is doing (PACW) another eggemayer bank. Stock down 75%, no asset growth and mounting loan losses. I'll wait for the next 50% drop to $2.50
Centennial Bank Holdings, Inc. Announces Results of Annual Meeting of Stockholders -- Guaranty Bancorp Name Change Approved Tuesday May 6, 5:53 pm ET
DENVER, May 6, 2008 (PRIME NEWSWIRE) -- Centennial Bank Holdings, Inc. (NasdaqGS:CBHI - News) announced that, at its 2008 Annual Meeting of Stockholders today, stockholders approved the company's name change to Guaranty Bancorp. The effective date of this name change will be Monday, May 12, 2008. Effective the same day, the company will also change its ticker symbol to GBNK and its corporate website to http://www.gbnk.com.
The company's stockholders also approved the election of each of the director nominees presented in the company's proxy statement, approved the charter amendment to allow stockholders to call a special meeting of stockholders and ratified the appointment of Crowe Chizek and Company LLC as the company's independent registered public accounting firm for 2008. Finally, the company's stockholders overwhelming voted against the adoption of Mr. Gerald Armstrong's shareholder proposal to engage a professional advisory firm, with 84.4% of votes cast against the proposal versus 15.6% of votes cast for the proposal.