Local Bank IPO

From: "Peter & Karen Diamond" <diamond@vsi.net>
Subject: Local Bank IPO
Date: Sun, 29 Nov 1998 11:35:07 -0500

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Hello everyone,
The bank that holds our mortgage is going public and we have the option of
buying into the IPO before it is listed.  I understand that many other bank
stock conversions have been very good investments.
This is a small local bank, concentrating on single family residential
mortgages (>70% of loans).  They are doing more commercial and construction
loans, but they are only about 15% of the business.  The mortgage default
rate is under 1%.
They have been very highly rated in terms of assets and security for many
years and are financially sound.
The proxy they sent looks good and many insiders are buying in.
Is there anything in particular to look our for when evaluating this
investment?
Thanks.
Peter Diamond


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