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Wayne Savings Bancshares (WAYN) Message Board

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  • pmlljl pmlljl Dec 28, 2009 2:13 PM Flag

    WAYN owns their locations


    Despite my interest in WAYN, I have never been too involved with banks or financial companies. I never liked the fact that they tell you that they are making a lot of money and everthing is wonderful and the next thing you know, they go under or need to be bailed out by the government. Over the years, I have been more involved in small cap value stocks which were more often manufacturing companies. In more recent years I have put a lot of capital in Warren Buffett's Berkshire Hathaway (BRKB) and Wesco Financial (WSC). I did that, in part, because I thought the other companies were too highly priced compared to what I thought they were worth and because I thought that most managements were dramatically over compensated. AT least you can trust Buffett not to steal from his stockholders. His salary is $100,000 and there are no bonuses to him and no stock options etc.

    I looked at RBNF's financial statements on Yahoo and compared them to WAYN. I prefer WAYN because it has smaller amounts of goodwill and other intangibles which I do not like to pay for. WAYN also appears to be less leveraged if you compare tangible net worth to total liabilities. So I wish you well with RBNF but I will stick with WAYN.

    As to Sunwest, I was shocked at the price. The current quote is $2400 bid and $3100 asked with no trades. There is a spread that would slow a trader down. I was aware of the branch in Tustin but not the headquarters or the other three branches. At on time I thought I heard something derogatory about the management of Sunwest, but I don't remember what it was now and I may have been mistaken.

    There is another bank in Southern California that I have a lot of respect for and it is Farmers and Merchants Bank of Long Beach (FMBL.ob). They have been around for a long time and are very conservative. The shares are high priced in nominal terms(around $3800) but it sells at a significant discount to what I expect is a very conservative book value of about $4400. This is not a recommendation, just a mention.

    Finally, with the market meltdown last year, I was finally able to buy stocks after owning only BRKB for about five years. I currently own the following stocks: ALEX, ANAT, BP, BNI, BRKB, COP, CUO, FLXS, RDS-B, LUV, SCX, WAYN, WSC. I am not recommending all of these stocks now. Some of them have moved up significantly since I bought them and I am probably going to sell some. BRKB and WSC are Buffett related. COP, BP and RDS_-B are oil stocks that I view as protection against inflation and have high current yields. CUO, FLXS, SCX and WAYN are my small cap value stocks that I think are very underpriced. ALEX, ANAT, LUV and BNI were special situations that appealed to me to the best in their respective industries.

    I hope I didn't bore you with this lengthy post.

13.04+0.12(+0.93%)Jul 22 10:45 AMEDT