Insider buying going on. Management holds a significant amount of shares. They have only 11 million O/S, This one looks good. Thanks sju1973
Posted by sju1973 on :
You're welcome. Glad to chip in when I can. Looking at the 10 year chart this was a $30 stock back in 07.
Posted by invester on :
With an O/S of 11 million, and the insiders buying, that tells me that things are going well, and there is little chance of dilution. A 110 million market cap is $10 on this. That’s nothing to a bank. Nice find.
Posted by invester on :
The volume is increasing on the chart moving upwards. This will be $1 in a few of days. .57
Posted by invester on :
Market cap $6.75 million. This may be one of the cheapest I've seen. They have a substantial tax break ahead of them as well. This might be a 10x bagger.
Posted by invester on :
$2.29 in cash
EPS excluding extraordinary items (TTM) -11.80 EPS Normalized (MRFY) -2.00 Rev per share (TTM) 6.23 BV per share (MRQ) 1.90 Tangible BV per share (MRQ) 1.90 Cash per share (MRQ) 2.29 Cash flow per share (TTM) -11.68 Indicated Annual Dividend (US) --
Posted by invester on :
.68
Posted by invester on :
Up 18%
Posted by invester on :
I'm surprised this hasn't been bought.
Posted by invester on :
Also, per Obama, they will be issuing 30 billion Trap for community banks. This stock is going to fly, and I also think this is just more of an incentive for them to get bought out.
Posted by invester on :
Just bought more. Up 20%
Posted by invester on :
.72 Up 26% This thing will be $1+ shortly. O/S of 11 million. Insiders buying.
.
Posted by invester on :
$7.9 million market cap. I can't believe how cheap this is.
Posted by invester on :
Just bought more.
Posted by invester on :
Latest News Headlines for First Regional Bancorp First Regional Bancorp: The Trend Continues Up (FRGB) 2 minutes ago - Comtex SmarTrend(R)
SmarTrend identified an Uptrend for First Regional Bancorp (NASDAQ:FRGB) on December 10, 2009 at $0.51. In approximately 2 months, First Regional Bancorp has returned 15.7% as of today's recent price of $0.59.
Posted by invester on :
Up 30%
Posted by sju1973 on :
Nice.
Posted by invester on :
Total Assets 1.3 billion. Over $2 per share in cash. REALLY nice find sju1973
Posted by jdizz on :
nice!
Posted by invester on :
Obama unveils 30 billion dollar fund to aid small businesses
Obama Urges for Refinance $180,000 Refinance under $939/mo. See Rates- No Credit Check Req. www.LowerMyBills.com
Official GOP Site Support the Republican National Committee & Make a Difference. RNC.org
Top Small Business Banks Quickly Find Small Business Banking Providers in Our B2B Directory. www.business.com
YOU WERE READING Worst of economic storm passed: Obama US President Barack Obama declared in his State of the Union address on Wednesday that the worst of the economic storm had passed, but that a trail of devastation was left behind. Text of Obama's speech Serena Williams into 5th Australian Open final Jobs creation top priority in 2010 Obama pledges to double US exports Obama hails nuclear talks Obama threatens veto on spending increases Obama unveils 30 billion dollar fund to aid small businesses Obama vows to repeal military ban on gays Agence France-Presse Washington, January 28, 2010 First Published: 08:24 IST(28/1/2010) Last Updated: 08:25 IST(28/1/2010)
Print
US President Barack Obama said Wednesday that 30 billion dollars from a Wall Street bailout fund would be used to help small businesses still reeling from financial crisis.
"I'm proposing that we take 30 billion dollars of the money Wall Street banks have repaid and use it to help community banks give small businesses the credit they need to stay afloat," Obama said in his first State of the Union address.
Many of the biggest US banks have repaid billions of dollars they borrowed from the state-run Troubled Asset Relief Program (TARP) established to bail out the financial industry on the verge of collapse from the financial crisis.
The crisis stemmed from an American home mortgage meltdown.
Obama also proposed a new small-business tax credit, "one that will go to over one million small businesses who hire new workers or raise wages."
"While we're at it, let's also eliminate all capital gains taxes on small business investment, and provide a tax incentive for all businesses, large and small, to invest in new plants and equipment," he said.
Posted by invester on :
Up 35% .77
Posted by invester on :
Wow, the share structure hasn't changed for 10+ years. 11 million O/S
Posted by invester on :
There should be $1.15 extra in the earnings when they come out. Couple that with the Tarp, and $2 in cash, we've got a $5-$10 stock easily.
November 23, 2009 05:16 PM Eastern Time First Regional Bancorp Announces Anticipated Tax Recovery Due to Recent Legislative Action; Increases Loss Provisions for Third Quarter of 2009 CENTURY CITY, Calif.--(BUSINESS WIRE)--First Regional Bancorp (NASDAQ: FRGB) today announced it expects to recover approximately $13.6 million of taxes paid in prior years due to the recent enactment of House Bill 3548, which includes an extension of the tax net operating loss (NOL) carryback period from two to five years. The recovery amount is subject to change based on the company’s final tax calculations for the full year of 2009, but at this time no significant change is anticipated. Because First Regional currently has a valuation allowance offsetting its NOLs, the amount recovered through the extended carryback will be recorded in earnings and capital in the fourth quarter ending December 31, 2009. The provisions of the carryback extension do not apply to any bank which has accepted Troubled Asset Relief Program (TARP) funds, but First Regional has not accepted any TARP funds.
“This change in the tax laws will result in a welcome benefit to our capital during the fourth quarter of 2009. Based on our balance sheet totals as of September 30, 2009, this tax benefit equates to a gain of approximately $1.15 per share.” .H. Anthony Gartshore, President and Chief Executive Officer of First Regional, said: “This change in the tax laws will result in a welcome benefit to our capital during the fourth quarter of 2009. Based on our balance sheet totals as of September 30, 2009, this tax benefit equates to a gain of approximately $1.15 per share.”
The company also announced that, in finalizing its Quarterly Report on Form 10-Q, and in consultation with the company’s independent auditors, First Regional determined to increase its allowance for loan losses as of September 30, 2009 to $70.8 million. This represents an increase of $13 million from the loan loss allowance previously announced by First Regional in its press release of November 12, 2009.
The adjustment to First Regional Bank’s allowance for loan losses represents an increase in the company’s general valuation allowance. No adjustment has been made to the specific reserves against problem loans since the company’s announcement of financial results made on November 12, 2009.
Mr. Gartshore added: “The company believes that the bolstering of its general valuation allowance for loan losses represents a prudent and conservative acknowledgment of the current severe and uncertain economic conditions facing the nation.”
As a result of this increase to First Regional’s allowance for loan losses as of September 30, 2009, the company reported an adjusted net loss for the quarter ended September 30, 2009 of $14.6 million, equal to $1.23 per diluted share, compared to the originally reported net loss for the third quarter of $1.6 million, equal to 13 cents per diluted share. This third quarter loss will be substantially offset by the tax recovery resulting from the carryback of net operating losses during the fourth quarter, as discussed above.
First Regional Bancorp is a bank holding company headquartered in Century City, California. Its subsidiary, First Regional Bank, specializes in providing businesses and professionals with the management expertise of a major bank and the personalized service of an independent.
Posted by invester on :
Moving Average Price Compare FRGB is trading above its 50 day moving average. This is considered to be the sign of a bullish trend. There is added weight to this indication because the moving average is rising and suggests that there has been buying interest in this stock.
Posted by invester on :
Moving Average Price Compare FRGB is trading above its 20 day moving average. This is considered to be the sign of a bullish trend. There is added weight to this indication because the moving average is rising and suggests that there has been buying interest in this stock.
Posted by invester on :
Bought more at .73 I've got a large position in this one.
Posted by invester on :
I'm looking for a 3-5 day run on this. Looking to pullback at $1.50 or so.
Posted by invester on :
Bought more at .66
Posted by invester on :
I see .80+ close.
Posted by invester on :
Big block buys.
Posted by invester on :
Actually it was $34 in 07. with the 30 billion going to regional’s from the TARP, we might start to see those levels again in a year or so.
Posted by invester on :
I didn't see this. This was just filed. He just bought an additional 84,000 shares.
1. Name and Address of Reporting Person *
SWEENEY STEVEN J 2. Issuer Name and Ticker or Trading Symbol
FIRST REGIONAL BANCORP [ FRGB ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)
_____ Director _____ 10% Owner __ X __ Officer (give title below) _____ Other (specify below) General Counsel (Last) (First) (Middle)
1801 CENTURY PARK EAST 3. Date of Earliest Transaction (MM/DD/YYYY)
1/15/2010 (Street)
LOS ANGELES, CA 90067 (City) (State) (Zip) 4. If Amendment, Date Original Filed (MM/DD/YYYY)
6. Individual or Joint/Group Filing (Check Applicable Line)
_ X _ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 1/15/2010 W (1) 84000 A
Posted by invester on :
Open market purchase. That’s really good news
Posted by invester on :
Bought more at .62
Posted by invester on :
Sweeney (Jack A) ownership 3,159,087 26.7%
The family is still buying. They collectively own about 45% of the company. They may take it private. With the TARP coming, this would be huge.
Posted by invester on :
Block buying at .62 This should run to close.
Posted by invester on :
Blocks now at .64
Posted by invester on :
WILD Close. .65 The way they played it at the close tells me this will run tomorrow.
Posted by invester on :
Looking for a gap in the AM, should touch mid .80 low .90.
Posted by invester on :
Actually: FRGB Assets: As of June 30, 2009 total assets were $2,286,994,000 Much more than I stated before.
Posted by invester on :
FRGB has $193 a share in assets. This is truly one of the best stocks I've ever seen.
As of June 30, 2009 total assets were $2,286,994,000
divided by
Outstanding shares 11,800,000
I see why management is buying up the company
Posted by invester on :
Look at what they set aside for loan losses. This company is trading at pennies and it should be $15+ I can't believe the disconnect here.
First Regional has made $108,505,000 in provisions to its allowance for loan losses and charged off a total of
Posted by invester on :
Whats with the trading hault?
Posted by sju1973 on :
That's what I am wondering. I put an order in this morning. I just cancelled it. Not sure what's going on.
Posted by invester on :
With all the insiders buying, I'm not worried. They wouldn't have put up 50k a few days ago if something was wrong. They would have also sold the 35%+ that they own of the company.
Posted by invester on :
Also here's when they are releasing earnings. Couple that with the insiders buying, and I think this is a winner. We shall see.
Date Time(ET) Upcoming Events Set Alert 02/01/2010 * 18:00 Q4 2009 First Regional Bancorp Earnings Release
Posted by oldseven on :
Looks like Nasdaq halted as a T12 halt - they are looking for more information.
Posted by crazytrade on :
quote:Originally posted by invester: With all the insiders buying, I'm not worried. They wouldn't have put up 50k a few days ago if something was wrong. They would have also sold the 35%+ that they own of the company.
Not really, unless the info was public the insiders can't dump their shares on coming bad news. NASDAQ is probably just asking for an official comment on the movement yesterday
Posted by invester on :
I did a little research about a T12. It has been used in the past to post earnings, and also to update compliance with NASDAQ listing "above 5 million market cap" etc... I think this is no big deal.
Posted by invester on :
Earnings are Monday. This looks like a positive.
Posted by invester on :
Here was my response from the bank.
We understand there will be an announcement after the market close today, but have no information on its content at this time.
Thank you for your interest in First Regional Bancorp.
Tom McCullough Corporate Secretary
First Regional Bancorp
Posted by invester on :
Good news from another board. The climb continues.
FRGB >>
FRGB filed a document to NASDAQ yesterday or the day before yesterday that its market capitalization has been at least $5 million for a minimum of 10 consecutive business days (11 business days from Jan 13th to 28th), and therefore FRGB met the requirement to be listed
on NASDAQ. NASDAQ is requesting additional documents to decide.
Nothing to be afraid for longs. This halting is not related to FDIC at all. FDIC should have listened to Obama's speech about offering 30 billion TARP to help community banks. FDIC wont close more banks when the federal support is on the way.
Posted by invester on :
I GOT IT. There getting bought out. And here’s why. They are at a T12 which requires more information from NASDAQ. If it wasn’t a big deal, they wouldn’t have halted The number is probably so much higher than .65 that NASDAQ needed more info. They will then move to a T1 and T2 and so on. They’ve got $2 in cash, and a $1.15 tax break coming back to them. That’s $3.15 a share right there. They have over $2 billion in assets. You now have government TARP “if they want it”. And lastly, the insiders were buying just a few days ago. Thoughts?????
Posted by metal1 on :
makes no sense. NASDAQ doesn't ask for more info on buyouts and it wouldn't be halted all day.
One other thing, looking at the filing for Sweeney he didn't buy any stock, actually looks like he sold stock. i think you misread the filing. or maybe my vision is going
SAN FRANCISCO, Jan 29, 2010 (BUSINESS WIRE) -- The California Department of Financial Institutions (DFI) today announced that First Regional Bank (First Regional) was closed and ordered to be liquidated, citing inadequate liquidity and inadequate capital. First Regional is a federally insured, state-chartered commercial bank based in Los Angeles with total assets of approximately $2 billion. Its deposits are federally insured for up to $250,000 by the Federal Deposit Insurance Corporation (FDIC). The FDIC was appointed the reciever of First Regional by the DFI. The FDIC has accepted a bid from First Citizens Bank of North Carolina to acquire First Regional and assume its deposits, including all uninsured deposits. For information about FDIC coverage limits and requirements, visit or call toll-free 1-877-ASK-FDIC. Maintaining the integrity of financial services remains the primary mission of the DFI. The DFI oversees the secure operation of California's state-chartered financial institutions. The DFI ensures public confidence in financial institutions by protecting the interests of depositors, borrowers, shareholders and consumers through enforcement of state laws. In addition to posting information about the DFI and its licensees, the DFI's website features consumer tips on a variety of financial topics and consumer information brochures in seven languages. The DFI reports to Dale E. Bonner, Secretary of the Business, Transportation and Housing Agency and Governor Arnold Schwarzenegger.
Doesn't look good. I'm not sure what happens to the commons but I wish the best for all holding.
Posted by metal1 on :
Well, they were almost shut down last march so that makes sense. Too many bad loans, couldn't get the capital ratios up
Posted by Peaser on :
Ouch. How much cash ya'll going to lose in this?
Sounds like an insider indictment coming on the dumping of shares on the insider knowledge.
Got Prison?
This guys kids are gonna lose a ton too. Look at "Explanation of Responses: (7)"
I'm seeing .01 trades now. not a firm quote though.
Posted by invester on :
Out at .055. Not happy
Posted by sju1973 on :
It's good to hear from you Invester. I know your loss was a large one. You're a good trader so I know you will come back. I'm rooting for you man. I had an order set for FRGB that morning that didn't fill because of the halt. So close to a total loss as well. I was fortunate to not have available funds the previous afternoon or I would have been in the same boat. Good luck to you. Good to see you back.