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Strategies & Market Trends : Value Investing

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To: Spekulatius who wrote (22701)	12/3/2005 6:22:17 AM
From: blankmind	Read Replies (1) of 78482

Spek, - thanks for confirming that mhc shares shouldn't count against the total shs o/s - at least not until they're issued - ISBC has better earnings than Clifton. But if you read the 424's - concerning real estate owned - you'll see that for ISBC - per pg 103 - they lease about 2/3 of their branches - so no real hidden value here - vs. CSBK - they’re probably sitting on millions of $$’s of real estate - as they own 8 of 10 offices - most purchased around 1975 - so when/if these banks are taken over - clifton is 2 years earlier out of the gate - & could be the better play - good luck

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