LETTER: Pacific Enterprise Bancorp, Irvine, CA (PEBN)

There's no review of Pacific Enterprise Bancorp in Timyan Bank Alert.

But since other investors seemed to appreciate my sharing last month's letter to Peoples Financial Corp, I figured I could let you "in" on this aspect of my work more often.

Pacific Enterprise is a good bank that can sell for 50% higher than its last trade price, and I hope it does!

Below is a letter I am sending to the Chairman of Pacific Enterprise Bancorp.

See also
Pacific Enterprise Bank website
Q2 2019 Quarterly Report

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Disclosure: As of this posting, I own shares of PEBN and may subsequently either dispose of them or purchase more.

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My Letter to Pacific Enterprise Bancorp

Dennis H. Guida Jr. Chairman
Pacific Enterprise Bancorp
17748 Sky Park Circle
Suite 100
Irvine, CA 92614

Dear Mr. Guida,

I own 2% of Pacific Enterprise Bancorp. Thank you for your fine stewardship of the bank. Thanks to your team, too, for their fine execution of the business plan. Since its founding in 2007, Pacific Enterprise has had a fine run.

I was happy to hear you tried to sell the bank last year, but found your unrealistic expectations for what you'd get in a sale disappointing. Your board should know that you have shareholders, including me, who would prefer you sell Pacific Enterprise to the highest bidder, instead of holding out for a magical number.

Please share this letter with the board.

Respectfully,

Philip J. Timyan
PEBN Shareholder