Thank you for the updates and sharing your lessons learned with others. I once had a small commercial property that I rented and that seemed to attract the worst tenants. Each new tenant showed me something new that I had protect against myself against and my tenant agreement grew larger and larger with new paragraphs containing the new things I learned from the last tenant. I imagine you may be yet making a few more changes in the future in response to new ways management finds to thwart your shareholder proposals.
Thank you for reading and taking the time to comment. I appreciate it. You are exactly right. This has been educational for me and I suspect there is much more to come.
I love community banks. Most of them are managed by honest hard-working folks who treat all their stakeholders well. Others, like LCNB and BLFY are in it for themselves and have no qualms making innocent shareholders pay the tab.
Are there any banks in Virgina that you like these days? (Either as bankers or as attractive stocks to own)
I was an avid bank investor until interest rates started going up and Held to Maturity and Held to Sale assets started to concern me so I sold out virtually all of my holdings. There are not any Virginia banks that I have bought back. The primary bank stock that I have repurchased, after selling out at a lower price, is UBAB. I really appreciated Bob Jones when he was CEO but the new team also appears very competent to me and their shareholder communication has improved so much since the time of the quarterly one page brochure that was only available at the website.
If you don't like the bank why not just sell your shares? It's not like the bank is screamingly cheap, you can pick up far better banks for less than 84% of TBV.
Thanks Matt! Yes, there are better banks available at cheaper prices. If I were new to the story, I would not buy this stock. LCNB should not be public.
For now, I will fight for all shareholders and seek some justice. The reasons are many. One is LCNB paid greenmail to take a dissident shareholder out at $20 per share after he ran the price up with his own purchases. The rest I’ll save for a future post. The main point of this post though is to help those so inclined to write their own Shareholder Proposals.
Phil,
Thank you for the updates and sharing your lessons learned with others. I once had a small commercial property that I rented and that seemed to attract the worst tenants. Each new tenant showed me something new that I had protect against myself against and my tenant agreement grew larger and larger with new paragraphs containing the new things I learned from the last tenant. I imagine you may be yet making a few more changes in the future in response to new ways management finds to thwart your shareholder proposals.
Hello VA Investor!
Thank you for reading and taking the time to comment. I appreciate it. You are exactly right. This has been educational for me and I suspect there is much more to come.
I love community banks. Most of them are managed by honest hard-working folks who treat all their stakeholders well. Others, like LCNB and BLFY are in it for themselves and have no qualms making innocent shareholders pay the tab.
Are there any banks in Virgina that you like these days? (Either as bankers or as attractive stocks to own)
Best,
Phil
I was an avid bank investor until interest rates started going up and Held to Maturity and Held to Sale assets started to concern me so I sold out virtually all of my holdings. There are not any Virginia banks that I have bought back. The primary bank stock that I have repurchased, after selling out at a lower price, is UBAB. I really appreciated Bob Jones when he was CEO but the new team also appears very competent to me and their shareholder communication has improved so much since the time of the quarterly one page brochure that was only available at the website.
Thanks for all of your writings!
If you don't like the bank why not just sell your shares? It's not like the bank is screamingly cheap, you can pick up far better banks for less than 84% of TBV.
Thanks Matt! Yes, there are better banks available at cheaper prices. If I were new to the story, I would not buy this stock. LCNB should not be public.
For now, I will fight for all shareholders and seek some justice. The reasons are many. One is LCNB paid greenmail to take a dissident shareholder out at $20 per share after he ran the price up with his own purchases. The rest I’ll save for a future post. The main point of this post though is to help those so inclined to write their own Shareholder Proposals.
PS Larry Seidman is doing a similar thing with another bank that is mistreating shareholders. $BLFY
He’s not a large holder, but he’s standing up for everyone against a management team that’s stealing from the owners.
https://www.sec.gov/files/corpfin/no-action/14a-8/seidmanblue040124-14a8.pdf