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Non-Tech : BCOM, Great earnings, and a 2 for 1 split . -- Ignore unavailable to you. Want to Upgrade?

To: Tadsamillionaire who wrote (178)	2/20/1999 6:20:00 PM
From: Pierre	Respond to of 182

from todays San Diego Union Tribune: "That's an excellent price," said Bert Ely, a bank industry consultant in Alexandria, Va. U.S. Bankcorp is shelling out about five times book value for the San Diego bank, significantly higher than the industry standard of two to three times book value. ... "Oftentimes, you'll pay more heavily for your first deal in an area," Ely said. ... BWDIK Pierre

To: Tadsamillionaire who wrote (178)	2/20/1999 7:23:00 PM
From: Mike Buckley	Respond to of 182

Tom, I feel BCOM is worth at least $25.00 per share. What do you base that on? The price that was paid is about 4.7 times book value. If that's not enough of a multiple, what do you think a competing acquirer would be willing to pay? At your price of $25.00, the acquirer would be paying 6 times book value. I'm no expert in bank stocks, but that's a multiple I've never heard of. --Mike Buckley

To: Tadsamillionaire who wrote (178)	2/23/1999 11:41:00 PM
From: BLong	Read Replies (1) \| Respond to of 182

Tim, I agree BCOM should be worth more, since they are growing much faster than USB, and are more profitable. Even though their assets are much smaller than USB, their primary business (small business loan) is larger than USB. Combined, I think the SBL amounts to about $1B, of which BCOM contributes over half. So USB in my opinion got a pretty good deal. I can't seem to get rid of USB - the same thing happened to me once before when I invested in a fast growing small bank primarily in small business loads and USB took them over. Since that time, USB has not done spectacular. If I may be so bold to ask, do you plan on selling at the current price (19 to 20), rolling it over into USB stock, or holding out for a while longer before the transaction goes through? I'm about ready to give it up and stick with my tech stocks.