Colarion

A solid member of the bank analyst team got doxxed recently in someone’s fit of anger I guess. Poor move, and needlessly damaging. The @Victaurs author knew the sector well.

Can confirm. A keystone of the $SOFI model is indemnifying loans they sell, but they don’t disclose detail. It’s key to booking a gain on sale. Loan buyers end up disclosing it in their own defense.

“Knee pad board members” 80% of the bank sector

All true!

If 2025 was the Golden Age of Private Credit, 2026 is the Golden Age of Stressed Loan Purchases

Her: “And what do you do for a living?” Him: “I lend to Jefferies SPVs, all non-recourse, in growing size over time.”

Private credit is in trouble and a recession could be on the horizon. Who can save us now?!… Look! It’s:

It’s the golden age of private credit… …liquidation

Legendary board resignation letter at $MVBF. All bank executives must structure their affairs so this doesn’t happen, through alignment, not cronyism.

@psyopcapital Trinity Bank of Texas is a cult favorite even with Harp having retired $TYBT

$trux gets a lot of love on here (and rightly so), what are some other high quality otc banks with good underwriting culture and history of compounding earnings power at a respectable clip?

@JerimiahLee @dirtcheapbanks try Battle Bank as they get up and running. Marty May moved there after being needlessly let go at Solera (he oversaw the 401k project there). Will be done in a more sustainable manner.

@dirtcheapbanks I have an account there. They have a strong hold on the Solo401k market.

This is the wildest bank story I've ever covered. Solera National Bancorp $SLRK is a single-branch bank in Lakewood, CO with $1.2B in assets, 55 employees, and a chairman known as "Red Pant Man" who sits courtside at Nuggets games in red pants and posts TikToks from the bank's private jets. He won control through a brutal proxy fight in 2014 where his board slate included his daughter and his fiancée. The old board resigned in protest. The OCC had to step in. Since then? 22% ROE. 3.5x P/E. Tangible book of $24.86 with the stock at $18. They rejected a $70M buyout as "grossly inadequate." Oh, and the bank owns more planes than it has branches. Full deep dive on the site.

According to Claude itself, total IT employment across the US is 3% of overall. Could be worse, and I’m never going to have a problem finding a plumber anymore as labor shifts.

Jefferies also managed to lend to the Waterstation credit that $FNWB is litigating. Bravo Jefferies

Jefferies is showing a propensity toward lending to frauds

Just after yesterday’s 2028 depression meltdown, JP Morgan hosted their analyst event. Said they’d just rotate affected employees into new roles. Meanwhile 2028 is a great opportunity for entrepreneurs to grab the bull by the horns.

If Gavin is not “the final word” he is close to it.

@CorpusCol is a good follow; he has good advice even if he can be blunt.

@thewritser It’s true. But it’s also true that the communication is glacial.

@colarion In all fairness, other (later announced) bank mergers with credit unions have closed faster. I think the regulator is seeing some specific issues with this deal.

The Marine Bank $MBOF shareholder letter seems optimistic that the NCUA may soon finalize regulatory approval of their sale after now 19 months. Tip: generate passive income by getting a job at NCUA.

Deal was almost 2x tangible at announcement, now 1.5x for high-market share coastal Florida

Marine Bank (MBOF) has been waiting 18 months for NCUA, staffed by laid-off Dunder Mifflin employees, to approve its merger. The moment it became obvious that Marine could get a better deal selling to a bank, NCUA approved the deal.