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Strong Buy 
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Strong Sell 
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Average rating: 3.00 (Strong Buy) 1.00 - 5.00 (Strong Sell) Total: 1 members

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Oct. 26 2016, 11:21 AM ET
Nearest price: 6.30 (10/26/16)
by scuttlebut (profile)
(all of scuttlebut's ratings)
(Previous rating: Buy,
on Aug. 27 2016, 1:50 PM ET)
Have to reduce rating to HOLD. Big question now is level of intransigence of regulators that slapped restrictions on Company months after 2015 10K was filed. How long will it take and what are the criteria for the restrictions to be lifted? One of my cardinal investing rules is to never bet against the government, which has unlimited funds to pursue its agenda and which never admits to an error. If Company can develop rational capital plan, will regulators relent, or waffle in indecisiveness as the February coupon payment date on its subordinated debt approaches?

Bank was formed in 2006 by former execs from National Bank of Commerce (after it was absorbed by what is now Chase). Went public in 2013 at 26. Has grown by acquisitions and enterprising commercial lending into a nearly $5 billion bank today and is the largest bank headquartered in New Orleans. Had a bad time getting its 2015 10k filed due to accounting issues and this controversy trashed the stock down to 11+. (Now 6+). (Now up to date on all filings, and about to name new auditor).

Not out of the woods yet as bad energy loans and losses from recent floods in its market could bring more bad news.

Activists looking for sizable opportunities ought to be able to pick up some shares in the slosh, and with most shareholders losing money they ought to be able to improve the governance of this bank. Rebuilding the economy following the floods presents lots of lending opportunities especially for a big local bank.

No dividend is likely, now and for a very long time.

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