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  • cololamahahual cololamahahual May 26, 2009 11:24 AM Flag

    Lastest developments

    Does anyone know what CBC 's strategy is ?
    They suspended div and hired a consultant but what else.

    Selling individula banks to raise capital levels ?

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    • They have a challenge selling some DeNovo's. CBC has little cash invested in their 51% ownership. Much of it is outside investor's. Will this company make it through 2009?

    • Bonds (trust preferred) are selling at a yield of 23%. Interest is deferred so no payment.

      Probably in trouble with the FDIC since they operate in some of the most troubled states of Arizona, Calif, Michigan. At least they are not in Nevada or Florida??

      CEO and Daughter run the company and pay themselves too much at $1.5 million according to yahoo. Looks like they used it as their piggy bank for too long and took too much risk to support their wants. IMHO

      This is not a good situation, maybe they can find a buyer, but probably only pieces have any value.

      I love distressed companies, but this one looks toasty.