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Strategies & Market Trends : Value Investing

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To: blankmind who wrote (20937)	3/24/2005 9:43:33 PM
From: Spekulatius	Read Replies (1) of 78476

Blankmind -re bank conversion - i want to thank you for bringing this interesting theme up on this board. There seem to be quite a few opportunities out there for small cap investors willing to go the extra mile. In my opinion the most important factors to evaluate a S&L (and conversion) are: 1) Management quality (expense/efficiency ratio pre merger, ROA) 2) Demographics 3) Valuation Most of these mutual S&L are somewhat poorly managed in terms of ROA and ROE but when the management is capable and the bank is located in a growing and affluent area they should be able to run the business more efficiently and deploy the IPO proceeds profitably over time and the stock price should follow. At least for 1st step conversions, an investor can get a foot into the door below book (or effective book),

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