A Case of Shareholders Shivering in their Shoes at a Crossroad
Will Blackhawk deal shareholders the same sort of scalping that Mackinac did? Although Richard Bastion told shareholders not long ago that he wouldn't sell stock, it's looking to me like BHWB is strongly considering a dilutive capital raise. As I review the backgrounds of BHWB's directors, I fear ties to their community and opportunities for personal gain may override their duty to the bank's shareholders. But when your stock trades at barely 40% of stated book value and you've proven unable to earn decent returns, it's immoral to harm hundreds of people in such a fashion.
Disclosure: As of this posting, I own shares of BHWB and may subsequently either dispose of them or purchase more.
Blackhawk has several compelling selling opportunities, especially to BMO and Heartland, both of which have been acquiring banks similar to Blackhawk for years.
Associated Banc-Corp, Green Bay, WI (ASBC)
BMO Financial, Toronto, Canada (BMO)
Heartland Financial USA, Dubuque, IA (HTLF)
(as of 06/30/2012)
Merrit J. Mott, Chairman
Rick Bastian III, President and CEO
Todd James, Executive VP, Treasurer, Secretary, and CFO
Five Reasons Blackhawk Financial Should Sell Instead of Diluting Long-Suffering Shareholders