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Non-Tech : Independence Savings Bank (ICBC) -- Ignore unavailable to you. Want to Upgrade?

To: robert emann who wrote (214)	4/10/1998 4:12:00 PM
From: Steve Bogart	Respond to of 246

<<My broker for my IRA is Schwab. I asked them if I bought a CD through them and the bank converted, would I be eligle to participate in the IPO under there custodian arrangement with the bank. Schwab said I would have to check with the bank as to what their position would be. Have any of you explored this with your broker or mutual bank? >> Who ever bought a CD thru Schwab for a bank??? I would just rollover your Schwab IRA (assuming it's a money market) into a Bank CD...if they'll accept rollover.

To: robert emann who wrote (214)	4/10/1998 6:01:00 PM
From: Steve Stuart	Read Replies (1) \| Respond to of 246

I wouldn't think that it's worth it to speculate on mutual insurance companies going public. To hold an insurance policy costs you a fair amount of money that you would have to recoup in the IPO. At a mutual S&L, the account is free and you earn interest on your principal. The only cost there is opportunity cost vs. investing the principal elsewhere. Also, I would assume that a mutual thrift has a shorter halflife than a mutual insurance company. I agree with you that generic discussions of this sort don't necessarily belong in the ICBC thread. There is a thread for generic mutual thrift conversions (https://www.siliconinvestor.com/subject.aspx?subjectid=19182 ), but it's very empty. Everyone seems to prefer this one. About trying to get CDs through your IRA: my guess is that it would probably work. However the prospectuses usually contain some language about "preference for natural persons living in the vicinity of a branch". So you might get shut out in a badly oversubscribed offering. -Steve Stuart

To: robert emann who wrote (214)	4/11/1998 7:17:00 AM
From: Arthur J. Brestlin	Read Replies (1) \| Respond to of 246

You may not purchase IPO shares in an IRA account maintained with the the Converting Mutual. You may subscribe to IPO shares only in a self directed brokerage IRA. You simply request an additional stock order form from the converting bank, fill it out and give it to your broker. He then submitts it to the underwriter along with a check drawn against the brokers account as custodian for your IRA. I have done this successfully in both SIB and ICBC. I bought shares of each bank in both my personal name and my self directed brokerage IRA. My IRA is with Quick & Reilly but any broker can do that for you!!