Couple of tidbits. Banks do have to file an annual ownership form (FR Y-6) with the Federal Reserve Bank (FRB) that it reports to. For Cullman, that is the FRB of Atlanta:
Cullman did register with otcmarkets.com and posted its 3rd Qtr 2024 financials (only 2 pages - one for balance sheet and one for income statement) under the Company Profile:
Thanks for reading and commenting. That’s a great and fair question. I bought $CULL in July when the index funds sold it on the delisting — I was thinking that at 58% of tangible book, insiders owning 35% of stock, and the bank being then flush with 23% equity to assets the stock was a decent buy. Later as I dug in and discovered the grift and learned that Riley isn’t even interested in hearing what would-be acquirers have to say I felt compelled to shine some light on the matter for other shareholders.
Nice report! Shining a light on a source of darkness. Word is they plan to stay independent, even though they don’t earn their cost of capital. 10x earnings is about $4.50-$5 if we hold them to that higher standard.
Thanks for reading and commenting. Great question. I don’t think I would short $CULL here at 67% of tangible book value because with 23% equity to assets there’s too much buyback ability, but I’d be tempted at closer to 80% of book given the poor earnings.
Couple of tidbits. Banks do have to file an annual ownership form (FR Y-6) with the Federal Reserve Bank (FRB) that it reports to. For Cullman, that is the FRB of Atlanta:
https://www.atlantafed.org/banking-and-payments/reporting/fry6
Cullman did register with otcmarkets.com and posted its 3rd Qtr 2024 financials (only 2 pages - one for balance sheet and one for income statement) under the Company Profile:
https://www.otcmarkets.com/otcapi/company/financial-report/414570/content
Big question is whether the bank will continue updating or maintain a history.
In reading this, I was immediately reminded of the cartoon character Foghorn Leghorn and his frequent line of "Go away, boy, you bother me!"
Thanks Dave! That is good to see the disclosure.
I’m looking forward to seeing how CULL deals with the insider “loans” in next year’s proxy.
Happy New Year!
PS I hope you mean Rily and Co and not me with your Foghorn Leghorn quote! 🤣🤣
Sooo... why on earth do you own shares?
Hi Matt!
Thanks for reading and commenting. That’s a great and fair question. I bought $CULL in July when the index funds sold it on the delisting — I was thinking that at 58% of tangible book, insiders owning 35% of stock, and the bank being then flush with 23% equity to assets the stock was a decent buy. Later as I dug in and discovered the grift and learned that Riley isn’t even interested in hearing what would-be acquirers have to say I felt compelled to shine some light on the matter for other shareholders.
Makes sense - but in that case why haven’t you sold, out of interest?
Nice report! Shining a light on a source of darkness. Word is they plan to stay independent, even though they don’t earn their cost of capital. 10x earnings is about $4.50-$5 if we hold them to that higher standard.
Thank you, Sam!
would you short it?
Hi NJ
Thanks for reading and commenting. Great question. I don’t think I would short $CULL here at 67% of tangible book value because with 23% equity to assets there’s too much buyback ability, but I’d be tempted at closer to 80% of book given the poor earnings.
Best,
Phil