The Case of an Unmotivated Straggler in Floyd
Disclosure: As of this posting, I own significant shares of CDBK and may subsequently either dispose of them or purchase more.
CDBK would make a nice "fill-in" for any of these three franchises:Carter Bank & Trust, Martinsville,VA (CARE)
First Citizens BancShares, Raleigh, NC (FCNCA)
National Bancshares, Blacksburg,VA (NKSH)
(as of 12/31/2011)
Leon Moore, Chairman
Leon Moore, President
Leon Moore, CEO
In June, 2002 Cardinal agreed to sell to Mountain Bank for $24 per share. Ten years of executive salaries and board fees later, the stock is barely half that price.
Triple-threat executive Leon Moore only owns 3,086 shares directly. A sale of Cardinal at $24 per share would net Moore a mere $21,000—not even 10% of the $224,701 he pulled down in compensation last year.
Rarely does one see such a brazen case of a CEO lying about the true state of affairs of a company in the Annual Report: