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A bank holding company, incorporated in the state of California for the purpose of acquiring all the capital stock of the Bank through a holding company reorganization of the Bank.
Astonishing to say the least...... None of the top fools have Red thumbed this....Bent actually has a Green Thumb and the leader (Grtinvestor) also has done this with a green.Wow! Given my record of trying to pick Outperform financials in this muck - I am giving UCBO a red , 2nd time around.Why? This is a valuation short. May very well not work - its a very very thinly traded stock - and if loyal investors hold on - there may not be a dump.However, look at the balance sheet : On a Net tangible Capital of about $72 MM - they already have $30 MM in NPAs and climbing - not too fast but climbing nonetheless. Growth in REOs also - all of this points to a Higher Charge off coming down the pipe. This may happen this Qtr or maybe 2/3 Qtrs down the road - but will happen. They have a nice cushion in LLR about 2% of assets - but if NPAs grow they will need to build.P/E is 17+ and trading at 200% book.Operate in Californina.....
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