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No. of Recommendations: 2
This stock is selling way below its book value. But, that is not reason enough to buy it, for it may keep selling way below its book value. Nah, something is going to change:

1. Tax loss selling ( me included ) has sent this stock way down and that will stop, come January.

2. The company's turnaround strategy is working. The new branches and ATM machines are starting to pay dividends. As the quarterly profit rises from the 18 cents last Q to 25-45 cents (remember the turnaround)
the stock price is most likely to reflect that.

3. The management will get tired of the low stock price and announce a buyback. This is the best use of the money they are generating. (for us, for the Bank and the option fed management)

4. The Bank owns Ryan Beck and Co. a well run brokerage which could be spunoff.

5. The Bank Sector has been down for 2 years (about 35%) while the earnings are up 10-15% per year (more for Bank Atlantic) Something has to give.

6. Lastly, they have an Internet Strategy (Applause)

IMHO, we have a double in 1-2 years.....

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