Thursday, December 15, 2005

Hit #71

Foothill Independent Bank (FOOT) agreed to be bought by First Community Bancorp for $238 million in a stock-swap. The offer price, of about $26.14/share is a 23.9% premium over my average cost of $21.1/share. The net gain is a bit higher if I include dividends.

I had picked Foothill in this post early this year. This, along with Central Coast Bancorp (Hit #65), were picks that had their origins in road-trips! It is definitely time to make more of those.

All the major banks operating in and around Glendora remain targets for state and national banks. These include Vineyard National Bancorp (VNBC), PFF Bancorp (PFB), CVB Financial (CVBF) and the acquirer in today's deal, First Community Bancorp (FCBP). I do not own any of these, but will be looking closely at VNBC and CVBF.

Previous hit - Abgenix (#70)


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