The recent insider action has been heavily to the buy side, with only Selman selling some shares (and even he has some buys.) The most recent quarterly report was quite good. Since the last report, the company has acknowledged some bad loans and set aside funds to cover them. The bad loans the company has acknowledged would no way warrant this selloff.
It is just amazing to me that this is selling for 3.60. From all we know, given the public information, it is worth 3 or 4 times that amount, or more.
The volume has been low, so maybe there is nothing to the selloff. Still, I would have thought there would be some buying pressure at these sub-5 levels.
Like I said, I'm dumbfounded.
My view is to not fight the tape. I'm tempted to sell and ask questions later but have not been able to pull the trigger at what seems to me a give away price.
There is no way the FDIC would let an officer default on a loan at his own bank and stay in banking. The token amount they can borrow by law is too small to move the market anyway. This doesn't even address the fact their personal credit would be ruined.
I am in banking and that is the stupidest comment yet. IF they were loaning money to buy stock it would be quite unethical not to mention on the verge of illegal. And if bankers want to REMAIN in banking they better pay their loans. Really foolish comments on here sometimes. Goes to show you even idiots can come on here....
This bank has community banks throughout central and east Texas, which hasn't experience the real estate down turn that the rest of the country has. They had commercial and mortgage loan office in other states but most of them were closed. On top of that they sold a large portion of their mortgage portfolio over a year ago to make their latest bank acquisition, The National Bank of Bryan, which is the oldest bank in Texas. This bank is going to continue to be profitable and is just getting hit along with the rest of the financials.