The Case of a Registration Statement That Doesn't Mean What You'd Think
According to bank Chairman and CEO Hugh Potts, First M&F has no intentions of selling additional shares. The bank simply renewed the March 2009 Registration Statement as required for its TARP warrants. So there's little risk of a big dilutive capital raise to anything like the 37 million registered shares, which at today's market could have brought book value down from over $10 to something under $6.
Disclosure: As of this posting, I own shares of FMFC and may subsequently either dispose of them or purchase more.
Although it doesn't sound like FMFC would be open to selling, three banking heavyweights have a significant presence in its markets and would benefit from an acquisition of its branches:
BancorpSouth, Inc, Tupelo, MS (BXS)
16 local branches with $1.1B deposits (9% of total business)
Regions Financial Corp, Birmingham, AL (RF)
27 local branches with $1.3B deposits (less than 1% of total business)
Trustmark, Jackson, MS (TRMK)
15 local branches with $500M deposits (5% of total business)
(as of 03/31/2012)
Hugh Potts Jr., Chairman and CEO
Jeffrey Lacey, President
John Copeland, Executive VP and CFO
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