Nice to see this one starting to move.
It looks like they may have repurchased ~100,000 shares early in December. It’s getting harder to repurchase them.
Jim
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Might be about time to write a new article, Jim. Main points being that the process in your book is playing out just like you describe them. Slowly, and then suddenly. Be good to cover it one more time at least before an acquisition event take FFBW out entirely.
I had a nice win with TCBC recently, when it was acquired. Same thing over and over.
FFBW is just sitting on so much capital now, despite doing a lot to buy back stock.
Jim
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Hi Jim, nice catch with TCBC. This caused me to look at CBAN which is the acquiring company. They have been on a bit of a roll themselves and that with a forward PE less than 9.
Do you ever have an interest in the mid level (still pretty small) acquiring companies who take advantage of these value discrepancies?
Randy
Randy,
I stay away from the acquirers. For me, the place to fish is the small banks – for all the reasons I lay out in the book: low valuation, tons of capital, buybacks, the logic of being acquired, the track record of consolidation, etc.
Best, Jim
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