Silver epik

@CorpusCol @thebankzhar $GBFH cfo not returning from medical leave ~ ceo said improvements in reporting etc... needed ~ major sportsbooks stopped accepting credit cards (turned off that spigot) ~ on plus side, cc transcript shows 'Earle'? as the new 67 location client

@thebankzhar Appreciate you leaving this up. I await your take on developments.

I have a dozen DM’s asking about the $gbfh news this morning. If you knew what it was you would be buying the stock today. Ed & Todd will be discussing it on the conference call next week. In short this company has an interchangeable digital operating system for any time of slot machine. 5 million current users. Game changing

@dirtcheapbanks 1) quite the playboy when supposedly married hauling spouse to branches to inquire whether owned or leased. 2) The national bank told you to take a hike for relentlessly hitting on their tellers. 3) Your 'massive balance' earning 1% would have been eaten away by inflation.

I used to have an account with a national bank They told me to stop coming in to their branch “Use our online banking app instead!” No thanks Can’t look into the beautiful blue eyes of an online banking app and ask her to dinner while she glances at your massive bank account balance

@dirtcheapbanks "what $CMRB has to decide next" has already been decided. Twice at Annual Mtg, Mindiak used the phrase "sell the bank" when referencing the future with respect to stock buyback leading to/leveraging a higher multiple when taken out.

This is a really interesting bank I just wrote up. Super undervalued. Borrowed money to take out 30% of the shares. Trading at 68 cents on the dollar. Growing. Great little niche market. I haven’t seen anyone write this one up yet.

@dirtcheapbanks 1) 10K discloses if branch is leased or owned (Properties Section), wasting your wife's time in Charleston. 2) market order 'eyes closed' on 48% tbv community bank is beyond believable. 3) true small cap bank investor would have been ill those 11 days, not 'feeling amazing'.

My wife asked me to be more spontaneous. She said I overthink everything. That I can’t just live in the moment. That I once spent our vacation in Charleston asking a bank teller if the branch was owned or leased. Fine. She wanted spontaneous. So Tuesday morning I saw a community bank at 48% of tangible book and I just… bought it. No 10-K. No proxy. Didn’t check the loan book. Didn’t look at the CRE concentration. Didn’t pull the call report. Didn’t even map the branch footprint. Full position, market order, eyes closed. I walked out of my office and told her what I’d done. She didn’t understand any of it but she said she was proud of me. We danced in the kitchen. I felt alive for the first time in years. The CRE concentration was 620% of capital. All office. One metro. Half of it was a single developer named Chuck. The bank disclosed “credit deterioration” eleven days later. Then a consent order. Then Chuck stopped answering the phone. She found me at 2am reading the call report I should have read Tuesday. She asked if we were okay. I said the marriage has never been stronger. The position is a zero. She was right though. It felt amazing. For eleven days I was spontaneous. Now I’m back to reading proxies, and Chuck, wherever you are, you owe me everything.

@dirtcheapbanks 'tiny' banks don't do 2 hr earnings call. 'small' banks run 30 minutes & lucky if 2 q's asked. 'small' bank CEO Morgan Glazior $BFIN would go on & say "financials are in press release, any questions" & hang-up if not for the 1 shareholder (State Farm) who would then pepper him.

Spent 2 hours listening to their earnings call of a tiny community bank I’m likely one of three people in the entire world who listened to the call Zero institutions care about analyzing this bank No one else on Wall Street really even knows it exists This is how I win

@TimyanBankAlert statement by Century suggests $BSVN proposed purchase by no means a done deal: mycenturybank.com/century-newsro…

Bank7 to acquire controlling interest in Century Financial Services | S&P Global Market Intelligence spglobal.com/market-intelli…

@colarion did any $FCBM insiders participate in the IPO? final prospectus shows *none* although footnote indicates 'family & friends' allotment was not included. Would take 10 min to compare Form 3's holdings (just released) to prospectus listed holdings to determine - yes?

You might have played $SPCX, but did you play the First Carolina ($FCBM) IPO? If not you missed out on 10 cents upside Friday! They could rename themselves Dime Community, but that name is already taken (DCOM)

@dirtcheapbanks @dirtcheapbanks $BAFN tbv will best case sub-$5.11 potentially $4.31 ~ As such, justify holding at today's price of $6.08 (1.4x tbv) ~ Separately, is today's action short covering so not to be responsible for $3.50 sh. payment after the 12th?

@dirtcheapbanks we understand you may have 'blasted mngt' ~ what you don't understand is that they all remain. Alfred is 'their' friend ~ just not 'your' friend. You got your activist & lost/losing your shirt. How to spin this to your subscribers? milk & cookies no longer an option ~ yes??

If the consolidation of American community banking continues at its current pace, and the 4,100 small banks left in this country are absorbed, one by one, by the four or five megabanks that already dominate the system, you will wake up in 2040 in a country where the entire concept of a bank as a place that knows you, that lends to you because of who you are rather than because of a credit score generated by an algorithm in New Jersey, that has a lobby and a teller and a cookie and a person whose name you can remember, has ceased to exist, and you will not have noticed it happening, because the disappearance will have been gradual, and gradual disappearances are the only kind humans cannot see. The lobby cookie will be the first thing to go. It is already going. The cookies are stale at most banks now, set out by a corporate mandate from a regional manager in Charlotte who has never met the customers and considers the cookie a line item in a budget that needs to be reduced. After the cookies, the tellers. The tellers will be replaced by a kiosk, then by an app, then by nothing at all, because the megabank will have decided that anyone who needs to deposit a check in person is a customer they do not want anyway. After the tellers, the branch. The branch will close, the building will become a vape shop, and the only physical evidence that there was ever a bank in your town will be the carved stone above the door of the building, which the new tenants will, at some point, paint over. After the branch, the phone number. The phone number will route to a call center in Bangalore, where a polite man named Rajesh, who has been given a script and a 12-week training program, will pick up after a 47-minute hold and address you by a first name that he has been trained to mispronounce in a way that maximizes warmth-per-second-of-call as measured by an internal metric. Rajesh will not be able to help you. Rajesh has no authority. Rajesh's authority has been deliberately removed because authority distributed across thousands of call center employees is a compliance risk that the megabank's general counsel has spent fifteen years systematically eliminating. You will hang up. You will call back. You will sit on hold again. This will be your relationship with your bank. The CEO of your bank will be a man named Brian who lives in Manhattan and earns $32 million a year and has never set foot in your town and never will. The board of your bank will consist of nine other men named Brian who all sit on each other's boards and who collectively decide, every quarter, that the priorities of the institution are, in this order, regulatory compliance, dividend stability, share buybacks, and last, somewhere far down the list, the actual customer experience, which has been outsourced to a subsidiary that has been outsourced to a vendor that has been outsourced to Rajesh. None of them will ever meet you. None of them will ever know you exist. You will be a number in a database, and the number will be optimized, every quarter, by an algorithm whose objective function is the bank's net interest margin and not, in any way, your wellbeing. This is the future being constructed, in real time, by every acquisition that takes a community bank off the public markets and folds it into a regional that will, in turn, be folded into a megabank in the next cycle. The future is not inevitable. There are 4,100 small banks left. They are being acquired at 1.7x book. Every one that is acquired is a town that loses the last institution that knew its name, and a country that loses one more node of the relational economy that used to be the entire foundation of American commerce. You can own these banks before they are acquired. You can collect the premium when they sell. You can also, if you choose, refuse to bank at the megabanks and keep your deposits at the small ones for as long as they exist, which, at the current rate, will be roughly another 25 years. After that, you will be banking with Brian. Rajesh will pick up the phone. The cookie will be a memory. And you will, on some quiet Tuesday afternoon in 2049, remember the teller at the branch in your hometown who knew your name, and you will understand, too late, what the consolidation actually cost.

@CorpusCol @dirtcheapbanks interested to see @colarion 's $BAFN tbv est ... as with $159M capital minus $25M (imho) for what will be 85M deposit Sarasota branch closure & increased reserve (now just 13% on 100M unsecured 'credit-card' $100K-sized biz loans) ~ divided by 31.1M sh. outstanding = $4.30 tbv

@dirtcheapbanks @silver52384 BANF or BAFN? Huge difference.

I wrote up $BAFN on March 17th, at $5.40 per share. The entire thesis of the article was calling for an activist investor to remove the management team. The former management team destroyed the company. Book value at the time was around $15. In the article I highlighted each board member and why they are not a good fit for the bank. No experience, bad capital allocation, typical bullshit. I then wrote a play by play on what an activist investor should do. The company reported earnings last night. The stock is down 32% to $5.60 per share. There is a new CEO, Alfred Rogers. The company recapitalized the balance sheet with 22.9 million shares at $3.50 per share. Pro forma book value is now $5.11 per share from $15 or so. There are still a lot of problems. This former management team really screwed this one up. Book value has been destroyed. The board of directors at this bank should be held liable for their actions.

@dirtcheapbanks you called, but got no activist ~ instead you got 'Alfred' & Ken Lehman's 11% payout if this sh. fleecing isn't' voted 'yes' ~ but you do get to keep COO Robin and BoD cronies & closure costs/severance on a $85M Sarasota branch & additional $20M(???) BOLT reserve/write-down/off

@silver52384 Did you read the $BAFN thesis that I wrote? It was a call for an activist investor to step up and the problems with the bank.

@Ron284Ron @stoked_on_waves @colarion @TimyanBankAlert @Julienne_Cass correct. buy a share today (to be a shareholder of rec by the 12th) and receive 1 subscription right ... see $BAFN S-1 on SEC website ... if u r existing shareholder & not going to participate, you'll want to bail becuz as with a dividend, price will dive the day after ...

@stoked_on_waves @silver52384 @colarion @TimyanBankAlert @Julienne_Cass It was odd. Sounded like it was.

$BAFN Announces a capital raise of $80 mil. in a private placement in a PIPE offering. The co. issued convertible preferred to be exchanged for approx. 22.9 mil. shares at a price of $3.50 names Alfred Rogers as CEO reports a $(1.48) loss for the 1st quarter. cont'd

@dirtcheapbanks you ate the $BAFN cookie but it was your subscribers that got sick - yes??

@dirtcheapbanks $BAFN "Pro forma book value is now $5.11 per share" ... nope, it is much less ... AND gets worse when factoring in what will be additional reserves and losses on $100M unsecured bitty 'credit-card' biz loans few will now repay

@dirtcheapbanks "There are still a lot of problems." - yep, $100M UNSECURED nationwide small ticket (sub-$300K) small biz loans reserved at only 13% - now compute your tbv ... $BAFN COO, CFO, BoD all keep their jobs as @dirtcheapbanks spins a quaint folksy story - yes??

@dirtcheapbanks Alfred (your new $BAFN CEO) was a 'consultant' to the bank, i.e., BOD hired one of 'their own' - "Meet the new Boss, same as the old Boss" - COO Robin keeps her job?!? - Chairman's 1st sentence: "I have EXCITING news to share." - @dirtcheapbanks now equals @dirtbagbanks - yes?

@Ron284Ron @colarion @TimyanBankAlert @Julienne_Cass $BAFN tbv of $5.11 after all said & done assuming no additional losses. Buying a share tomorrow @ $5.11 + exercise right @ $3.50 = all-in 0.85 p-to-tbv. Considering 'kitchen-sink' quarter(s) with new CEO (and new CFO??) would think $BAFN should(?) trade range of $3.75-to-$4???

@Ron284Ron brutal $BAFN Conf Call in morning tho won't take questions. @colarion now calculating new tbv after being recipient of Ken Lehman's PIPE-bomb. @TimyanBankAlert still in this?? Hope @Julienne_Cass gives them hell, although Elvis (Zelnick) already escorted from the building.