BNC Bancorp (NASDAQ:BNCN)
A bank holding company for Bank of North Carolina, which is engaged in the business of attracting deposits from the general public and using such deposits, together with other funding from the Bank's lines of credit, to make consumer and commercial loans.
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Bank North Carolina is extremely undervalued due to current state of the market and the fact that it is thinly traded. Insiders have been grabbing up shares through option conversions. There has been no selling of shares by upper tier insiders supporting its strength.
It isa well run bank, expanding into strong areas of the great Charlotte region which remains one of the strongest areas in the USA. They recently hired a management team of experienced bankers. According to management explicit statements they are not affected like other banks with regards to subprime loan defaults.
(It is rated as a great place to work, and provides excellent customer service).
Recs
I actually have been following this stock closely.
Is extremely well managed. Is currently expanding to suburban Charlotte. Is minimally exposed to subprime mortgage mess. Has not been affected in recent quarters per managements statements.
Synovus has invested 6 million dollars. Synovus tends to acquire banks. They have many branches in the South but none in North Carolina so it would make sense to acquire them.
Insiders have not sold--in fact have been accumulating over past 18 months through buys and option conversions.
At under 16 this stock is a strong pick.
Recs
Loving this one!
Recs
This stock is undervalued at 16.58. Will go to 25.00 in 2 years.
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