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Strategies & Market Trends : Value Investing
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From: Lazarus11/28/2017 3:28:11 PM
2 Recommendations

Recommended By
Lance Bredvold
mike macklin

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Update on this formerly mentioned bank SAGN.

(I thought I had mentioned it here -- but it turns out it was on another thread)

My first purchase of this stock was at .18 cents. Later I managed to get some cheaper shares as low as around .09 cents.

This bank has quite a history. The former CEO of the bank was charged with racketeering:

Saigon National Bank in Westminster at center of drug money laundering operation, feds say

Then then a new CEO came on board and made a tender offer for shares at .15 cents. I tendered my shares with a small profit.

Around the same time the bank decided to change its name and its ticker. Its now California International Bank and its ticker is CAIB

Since then many changes have been made:

additional capital injected (more shares issued)TARP paid offanother branch openedBOD restructured
OS shares are now 170,431,060

With $17,340,000 in capital theBook Value is a little over .09 per share.

Bank is still bleeding and the last call report showed losses of ~ 1.3 million

A look at Banknet shows its very well capitalized. Note the tier leverage ratios. Compare with other regional banks and you will understand what I mean.

While it still looks risky to me, I view it more like a bank IPO. Looks like its based out and I think the worst is over... but I wont be surprised to see losses into next year which could bring the BV down even further.
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