Beach Community Bancshares Inc FL (GM) (BCBF) Quote

wouldn't this go to 0 in BK?

U.S. Bankruptcy Court
Northern District of Florida (Pensacola)
Bankruptcy Petition #: 18-30334-HAC

Beach Community Bank to be sold after bankruptcy (4/10/18)

By Jim Thompson

FORT WALTON BEACH — Beach Community Bank, which operates in Okaloosa, Santa Rosa and Escambia counties, will be sold to a group of investors in a $100 million stock deal.

The money will eliminate problem assets that include foreclosed real estate and underperforming loans, according to bank president Tony Hughes.

Like other financial institutions, Beach Community Bank was hit hard by the Great Recession, the general worldwide economic decline of a decade ago, Hughes said in an interview Tuesday. And like other financial institutions along the Gulf Coast, the bank also felt the impact of the 2010 Deepwater Horizon oil spill, which hurt tourism and forced numerous businesses to close, Hughes added.

As a result, Beach Community Bank's board of directors "has worked for several years to develop a plan to recapitalize the bank," Hughes said in a news release Monday announcing the pending $100 million sale.

Working with the Illinois-based Hovde Group, an investment banking and advisory firm, Beach Community Bank attracted a mix of institutional and individual investors to provide the bank with the $100 million — roughly the amount of its problem assets, according to Hughes.

Part of the deal requires Beach Community Bancshares, the bank's parent company, to file for bankruptcy. The bankruptcy filing won't affect the bank's customers or their deposits, according to Hughes.

"It will be business as usual with no impact on bank deposits, creditors and vendors, and all accounts remain FDIC (Federal Deposit Insurance Corporation)-insured to the fullest extent allowed by law," Hughes said in the news release.

The only people who will be affected by the bankruptcy are the parent company's shareholders, who include Hughes and other bank officers, Hughes said Tuesday.

The capital infusion will come to Beach Community Bank at the conclusion of Beach Community Bancshares' bankruptcy, which is expected to take 60 to 90 days.

As part of the bankruptcy proceeding, the bank will be sold to the investor group, according to Hughes.

Given the bank's "weakened capital position" and other problems, "the bankruptcy filing was the only path the board could identify to attract new investors to contribute capital directly to the bank," Hughes said in the news release.

The bank will sell "substantially all" of its problem assets, Hughes said. The proceeds will become part of the recapitalization of Beach Community Bank, he added.

The $100 million deal will change the makeup of the bank's board of directors, Hughes said. The six current board members will stayg on, but will be augmented by "five to seven" new directors representing the investors, according to Hughes.

http://www.nwfdailynews.com/news/20180410/beach-community-bank-to-be-sold-after-bankruptcy

Concur.

Another lost last quarter.Bank significantly under capitalized,be careful.

BCBF hits new 52-week high (4/17/17)

BEACH COMMUNITY BANCSHARES INC (BCBF)
Last Trade [tick] 0.9200[+]
Volume 200
Net Change 0.3200
Net Change % 53.33%
52 Week High 0.9200 on 04/17/2017
52 Week Low 0.2500 on 11/28/2016
Day High 0.9200
Day Low 0.8500

My guess is that all we hear from BCBF over the next year, other than an occasional death rattle, is the sound of the FDIC nailing the bank's doors shut. My assumption is that their BV has saved the bank from the chopping block thus far but that has to be getting washed away by some very red Q's.

Looks like just a matter of time here... They've been in death spiral mode for years.

The last quarterly report for BCBF wasn't exactly a thing of beauty.

Book Value over $5...but is this the next bank to fail?

It appears to be spinning out of control.

Assets, loans and deposits are all down significantly + troubled assets are enormous and still rising significantly = toxic combination.

http://banktracker.investigativereportingworkshop.org/banks/florida/fort-walton-beac/beach-community-bank/

Sept. 2013 financials:

https://www.beachcommunitybank.com/pdfs/StmtCond093013.pdf

Marker:
Beach Community Banc (BCBF)
$1.55 0.0 (0.00%)
Volume: 0

Damn, that TAR is even worse than I thought!!!! Ouch!!!

http://banktracker.investigativereportingworkshop.org/banks/florida/fort-walton-beac/beach-community-bank/

I know!!! Haha

I check in on this one from time to time... Tiny thinly traded SS for a decent sized bank. It would definitely be a very attractive buyout candidate if their TAR wasn't so out of control! Even so a larger bank could easily soak them up and quickly turn this around... They don't owe TARP either.

If I could stock market time travel I would have bought some of this a year or two ago... A risk but worth it I think.

1.55 x 5.90 now. LOL.

My guess is that they'll continue to do that right up until the FDIC slams their doors shut, assuming that's what happens. But, who knows?
Maybe they'll "pull and FMAR" and we'll all be rushing to buy shares six months from now.

They continue to operate as if nothing is wrong. They post on Facebook daily on tips to save, pay off debt etc...

Things have just gotten uglier for BCBF. They lost 494K during the 2nd quarter. I would assume that wipes out the very little bit of progress this bank has made over the last few months.

BCBF is stuck in deep dodinski but I do think they have at least a small chance to make it, very small. I certainly wouldn't be put in shock to read that their doors had been slammed shut though. They don't owe tarp, which for them is really a good thing, and they appear to have made some progress but I think that may just be an example of "too little, too late". For now, I just plan to check and see how things are going from time to time. We can do a whole lot better putting our investment dollars to work else where.

Do you think this one even has a chance to rebound... It has a massive mound of troubled Assets. Strange how it never trades a single share... It's been sitting at .40 x 1.00 for months without a single trade...

BCBF is a sick one folks but they are improving and they don't owe TARP money.