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Average rating: 1.00 (Strong Buy) 1.00 - 5.00 (Strong Sell) Total: 1 members

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Jun. 9 2004, 4:20 PM ET
Nearest price: 10.40 (06/09/04)
by radsdad2 (profile)
(all of radsdad2's ratings)
Strong Buy
Here is a pick that Joey Warmehoven at wedbush mentioned a few month’s ago. California oaks (COSB.OB) is a tiny (63 million) dollar in assets, three year old one branch bank, in a rapidly growing area of California (Thousand Oaks, Conejo Valley).
Their ugly numbers are as follows, Assets, 63 million, Loans 37 million, reserves 318 thousand, deposits 60 million, capital 3.8 million, income 80 thousand, ROA .50, ROE 8.43.
They were following the typical start up cycle (losing money for a few years then climbing out) when the CFO got caught stealing 3.2 million (cease and desist order Oct 03) They caught him and got most of it back , but here is the kicker: the embezzler developed Lou Gehrig’s disease died a few days ago and they had a million dollar policy on him that should pay off next month. With 952,909 shares that adds a dollar to book next month. It is currently at a 52 week high at 10.40 (my purchase). It trades in pink sheet hell by appointment. I own 13,000 shares and think it will trade up and perhaps start making real money.

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