Timyan's 2022 Top Stock Picks

Timyan's 2022 Top Stock Picks

2022 is a year for recovery. 

After what we’ve all been through, I’m more grateful than ever for America’s community banks. They’re unique on the planet, critical to their communities, and creating value for investors. They’re what I invest in for my parents and kids, and I’d really like to see more “everyday people” take advantage of these opportunities in their own back yard.

The bank stock picks below fall into the following — not mutually exclusive — categories: 

• You can buy the stock today for less than it is worth, 
• You could profit when valuations catch up, 
• You could earn a windfall if the bank sells, and/or 
• The dividends provide a nice return. 

 Differences you might notice between this and my 2019 list: 

• I now have a clear favorite in Pennsylvania. 
• Three California banks made the list. 
• Virginia – more than once named Top State for Business by CNBC – presents six bargain bank stocks
• This year’s list features banks in a few US territories and one British territory.

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Disclosure: As of this posting, I own shares of all the bank stocks reviewed in the Timyan Bank Alert except $BKGM, $DBIN, $EQBK, $WASH and $WSFS, and I may subsequently either dispose of them or purchase more. For full disclosure, please note, I personally own many other bank stocks that are not represented in the Timyan Bank Alert portfolio or record.

Timyan's Top Community Bank Stock Picks as of January 2022

Stocks I have reviewed previously include links to their most recent Timyan Bank Alert review.

 

State	Stock	Why It’s My Favorite in The State	Yield	P/B	P/E
AK	DENI	Denali Bancorporation — Stock is still cheap and directors still own over 20%.	6%	100%	14x
AL	AUBN	Auburn National BanCorp – In a great market, and an acquirer could put the bank’s deposits to much better use.	3.3	107%	14x
AR	WRIV	White River Bancshares – Solid bank in a growing market with strong operators, so it’s reasonable to expect the stock to catch up with its peers.	2.5%	99%	11x
AZ	HRRB	Horizon Bancorp – Fingers crossed that they’ve learned from declining previous chances to sell for far more than today’s trading price.	0%	105%	7x
CA	EXSR	Exchange Bank – Stock price has lagged in spite of the bank’s outperforming peers on every return metric. Time will correct this.	3%	82%	7x
CA	SMAL	Summit Bancshares – We know since 2018 they’re open to a sale and the stock is worth even more today, so I’m banking on a return.	1%	111%	17x
CA	UBFO	United Security Bancshares – Founder and Chairman Dennis Woods is in his 70s and owns over a million shares. I hope he’ll cash his check and enjoy retirement.	5.5%	115%	15x
CO	SLRK	Solera National – CEO Marty May has left since our 2019 pick list, Chairman Quagliano bought a plane and put his daughter on the board. So, hmmm —but — the stock is cheap and still performing, so far.	0%	9%	5x
CT	BWFG	Bankwell Financial Group — The bank’s largest investor, Larry Seidman, is now on the board, and operations are rapidly improving.	2.3%	128%	13x
DE	WSFS	WSFS Financial ­– Great bank, but like its only peer in the state (TBBK), too expensive to get excited about from an investment perspective.	1%	176%	9x
FL	PBKC	Pioneer Bankorp – Cheapest bank in the state, and the airport expansion in Clewiston will drive growth.	1.9%	95%	9x
GA	EXCH	Exchange Bankshares – Trading for 30% of what it can sell for, and timely bank buybacks are driving growth in book value.	2.3%	69%	7x
HI	CPF	Central Pacific Financial – If you’re into fintech, this is cheap way to get it, with the added plus of a nice dividend.	3.6%	140%	11x
IA	MOFG	MidWestOne Financial — As hoped, the bank has gotten returns in line with peers. It also acquired an underperforming bank at great price, so stock price is likely to rise.	2.7%	96%	7x
ID	IDFB	Peak Bancorp – Currently the cheapest community bank stock in the state.	0%	104%	7x
IL	QCRH	QCR Holdings – The bank has consistently beat its earnings estimates.	0.4%	133%	9x
IN	SVBT	SVB & T Corp – This family-founded bank stock is high-performing, cheap, and in good hands with CEO Jamie Shinabarger.	1%	97%	7x
KS	EQBK	Equity Bancshares – Priced comparable to its peers in the state, but has the lowest P/E.	1%	115%	10x
KY	LMST	Limestone Bancorp – Stock is cheap, and key players collectively own over 40%. In other words, the team here is highly incented to keep creating value.	0%	112%	10x
LA	CTUY	Century Next Financial Corp — Still undervalued and still the perfect acquisition candidate for First Guaranty Bancshares.	0.8%	101%	9x
MA	WNEB	Western New England Bancorp – The bank is repurchasing stock, operations are improving, and there’s still a gap between its 2006 and current price.	2.3%	90%	9x
MD	CMHF	Community Heritage Financial – Good performance at a discount compared to its peers in the state.	0.7%	90%	8x
ME	KTHN	Katahdin Bankshares — Still cheap with a branch network that should be appealing to acquirers.	2%	99%	8x
MI	STBI	Sturgis Bancorp – Far cheaper than its peers, in spite of stronger performance and a unique trust business.	3.5%	80%	6x
MN	MFGI	Merchants Financial Group of Winona — Still my favorite in the state, still trading for a fraction of its true value, (although no longer big enough for the Russell Index).	2.2%	90%	7x
MO	HWBK	Hawthorn Bancshares – Another cheap stock I anticipate will catch up, since the bank is performing far better than average and industry investor Jon Holtaway is on the board.	2.4%	120%	8x
MS	BFCC	BankFirst Capital – The bank is making shrewd acquisitions and adding value along the way so this stock likely won’t stay this cheap for long.	2.2%	100%	9x
MT	EBMT	Eagle Bancorp Montana — Pickings are still slim for cheap bank stocks in Montana. EBMT is still it.	2.2%	100%	9x
NC	BKOR	Oak Ridge Financial Services — Hard to misfire at this price for a very decent bank.	1.6%	97%	7x
ND	BNCC	BNCCORP — Still cheap and the board has shareholders in mind.	%	110%	5x
NE	FINN	First National of Nebraska — Still reasonably priced for a solid, 150 year old family run bank.	0%	125%	7x
NH	NWYF	Northway Financial – Performance has slipped since 2019, but it’s the envy of would-be acquirers and investors like me want to see it sold.	2.6%	91%	11x
NJ	CMRB	First Commerce Bank — Three years past their own declared target sell-by date, but performing well and I have no reason to believe their plans have changed.	0%	82%	8x
NM	BCTF	Bancorp 34 Inc – The only game in town and not bad.	1.5%	85%	9x
NV	GBFH	GBank Financial – Happily, there is now a publicly traded community bank headquartered in Nevada! It’s expensive, but rapidly growing a unique business.	0%	170%	14x
NY	PCSB	PCSB Financial — Valuable underutilized franchise in a great market. Now that the three year conversion moratorium has passed, I’m hoping to see it sell.	1.3%	107%	20x
OH	CFBK	CF Bankshares — A high performing bank, with fully invested management, that investors suspect will sell.	0.75%	115%	7x
OK	BSVN	Bank7 Corp — A very high performing stock that was overly punished by the Chairman’s large sale a few weeks ago.	2.1%	160%	9x
OR	LWCL	Lewis & Clark Bancorp — Rumor has it the bank came close to selling pre-pandemic, and I think it will sooner or later.	0.9%	102%	9x
PA	FRBK	Republic First Bancorp – CEO Vernon Hill wants investors to fund new branches. Investors want to see the bank sold. Given the stock’s current price, investors are right.	0%	80%	12x
RI	WASH	Washington Trust Bancorp — Still pricey, still the only community bank headquartered in Rhode Island. To boot, it’s a great bank that pays a nice dividend.	3.8%	176%	13x
SC	SFDL	Security Federal Corp — When a Director named Spooky Weeks owns 10% and Chairman Timothy Simmons still owns 22%, I can’t say no.	1.4%	89%	8x
SD	DBIN	Dakota Banks — Not a bad bank in a state with few choices.	1.8%	107%	12x
TN	IBTN	InsCorp — Still the cheapest bank stock in a great market, and they are improving their deposit mix as I’d hoped.	1.2%	102%	10x
TX	NODB	North Dallas Bank & Trust – The underperformance here is so great, I can’t advise buying unless you have reason to believe they’ll sell. I’m betting on it.	1.3%	119%	25x
UT	None	There are no publicly traded community bank stocks in Utah on my current buy list.	–	–	–
VA	BOTJ	Bank of the James Financial – Stock price lags franchise value. The wealth management acquisition alone should add 20% to earnings.	1.8%	110%	10x
VA	FDVA	Freedom Financial Holdings – Prior to this gig, CEO Joe Thomas built and sold Bay Bank for a premium. That’s all I need to know.	0%	120%	9x
VA	MSNB	MainStreet Bancshares — I expect they’ll likely fulfill on their stated mission to sell the bank, in spite of their dinking around the past few years.	0%	120%	8x
VA	PKKW	Parkway Acquisition – More than decent operators taking advantage of low valuations to repurchase stock. I will be with them when the market corrects.	2%	88%	9x
VA	TSBA	Touchstone Bankshares – Decent operators taking advantage of low valuations to repurchase stock. I will be them when the market corrects.	2.46%	78%	10x
VA	VBFC	Village Bank & Trust – Likely to sell at some point, but it’s building value so fast I’m enjoying the wait.	1%	139%	7x
VT	MDVT	Middlebury National Corp – I love this little, woman-run bank more every time I look at it. (CEO Linda Harmon has run it since 1995). I’d buy more, but it’s very thinly traded.	2.5%	90%	9x
WA	SFBC	Sound Financial – An affordable stock in a solid woman-run bank. Laurie Stewart is in her 70s, has been CEO since 1989, and has earned a break.	1.5%	127%	11x
WI	PSBQ	PSB Holding – An undervalued high performer that is highly attractive to prospective acquirers.	1.8%	105%	9x
WV	JFWV	Jefferson Security Bank – Stock price currently lags how the bank’s performance suggests it should be priced.	2.1%	90%	8x
WY	CRZY	Crazy Woman Creek Bancorp – Call me crazy — it’s been a slow climber — but it’s still cheap, the only community bank in Wyoming, and accretively buying back stock. Someday, it’ll reach book.	1.3%	90%	8x
GU	BKGM	BankGuam Holding – The only game in the territory, and it is cheap.	3.6%	0.7%	6x
PR	BPOP	Popular, Inc – Not a community bank stock, per se, but it’s the cheapest bank stock in Puerto Rico’s red hot market.	2.2%	108%	7x
BM	NTB	Bank of NT Butterfield & Son – Expensive to book, but cheap on earnings. Pays a great dividend, has superior returns, and benefits from location in a tax haven.	4.6%	200%	12x

 

UPDATE: 2019 Stock Picks for (Almost) Every State

UPDATE: 2019 Stock Picks for (Almost) Every State

After a pandemic hiatus, Timyan Bank Alert is back to life.

Thank you to loyal readers and Twitter followers for the encouragement to resume! We hope 2022 marks a positive turn in your health, wealth, and happiness.  

A few highlights from our New Year’s update on Timyan’s 2019 Stock Pick For (Almost) Every State: 

• Of our 50 picks, 15 sold — one to a bank that also sold. 
• Many 2019 picks are up by 50% or more. 
• Only two of our picks declined over the three year period — CIZN and PPBB. 
• Our best performer by far was BNCC, up 290% on top of two special dividend payouts. 
• Our second best performer was TBBK, up 162%. 
• Three of our picks roughly doubled, and two of those sold — NCNB, MPHX, UWHR. 

Stay tuned for Timyan's new favorite buys in every state.

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Disclosure: As of this posting, I own shares of all the bank stocks reviewed in the Timyan Bank Alert except $TBBK, $CDAB, $MELR, $CESO and $PUB, and I may subsequently either dispose of them or purchase more. For full disclosure, please note, I personally own many other bank stocks that are not represented in the Timyan Bank Alert portfolio or record.

Status of 2019 Community Bank Stock Pick(s) Per State

Where applicable, click the stock symbol to access its most recent Timyan Bank Alert review.

State	Stock	How Timyan’s 2019 Picks Performed Against the NASDAQ Bank Index	3-Year Price Change
AK	DENI	Denali Bancorporation — Vastly underperformed, but I still have faith and have been trying to increase my holdings in this thinly-traded little gem.	14%
AL	UBAB	United Bancorporation of Alabama – Outperformed. I’m holding and still love the bank’s mission.	42%
AR	OZK	Bank of the Ozarks — Outperformed by a factor of two. Its construction portfolio has held up well. I’ve been selling to buy cheaper banks, perhaps misguidedly.	78%
AZ	MPHX	MetroPhoenix Bank — An old FIG recap that outperformed and sold to INBK. Big thanks to investor and Director Eric Grubelich for excellent leadership.	91%	SOLD
CA	NCNB	Northern California National — Outperformed and sold to the founders of Plaid. Bittersweet to see the subject of my all-time favorite Bank Alert review sell, but I’m grateful that Management honored John Luchessi’s vision and principles.	97%	SOLD
CO	SLRK	Solera National – Performed with Index. Posting good results, stock too cheap to sell, governance is questionable. I’m holding on, but miss former CEOs Marty May and Bob Fenton.	33%
CT	BWFG	Bankwell Financial Group — Underperformed, but I love the fast-improving fundamentals and am encouraged now that activist investor Larry Seidman is on the board.	23%
DE	TBBK	Bancorp, Inc — Outperformed four-fold. New CEO Damian Kozlowski and institutional investor Castle Creek’s John Eggemeyer are doing a great job here.	162%
FL	FCIT	First Citrus Bank — Vastly underperformed, but I expect that to change. CEO Jack Barrett is building a wonderful franchise.	17%
GA	CCFH	CCF Holding Co — Performed with Index, made two acquisitions, became HSBI, and sold to VyStar Credit Union.	37%	SOLD
HI	OHPB	Ohana Pacific Bank in Honolulu — Slightly outperformed, and sold to CBB Bancorp. Turned out to be less of a mess than I had thought.	40%	SOLD
IA	MOFG	MidWestOne Financial — Underperformed. Since it is still cheap and fundamentals are improving, I’m holding on.	28%
ID	CDAB	Couer d’Alene Bancorp — Performed with Index, but isn’t the bargain buy it was in 2019.	35%
IL	RYFL	Royal Financial — Outperformed, and sold to Peoples Bank (FNWD). Many thanks to Chairman Jim Fitch for outstanding leadership.	50%	SOLD
IN	MFSF	MutualFirst Financial —Outperformed, and sold to Northwest Bancshares (NWBI).	54%	SOLD
KS	BVBC	Blue Valley BanCorp — Underperformed, and sold to Heartland Financial (HTLF).	27%	SOLD
KY	KFFB	Kentucky First Federal — Grossly underperformed. This may continue, but I’ll hold as long as the dividend checks keep rolling in.	5%
LA	CTUY	Century Next Financial Corp — Vastly underperformed. The bank is in a good market, CEO Bill Hogan is its largest shareholder, and the stock is cheap, so I’m all for it.	17%
MA	MELR	Melrose Bancorp — Outperformed, and sold to Cambridge Savings Bank.	47%	SOLD
MD	DBCP	Delmar Bancorp — Outperformed, bought Virginia Partners Bank, became PTRS, and then sold to OceanFirst Financial (OCFC).	42%	SOLD
ME	KTHN	Katahdin Bankshares — Outperformed. This bank is in attractive markets and run by a strong team. Still a buy in my book.	53%
MI	EFIN	Eastern Michigan Financial — Outperformed. Still a stock I can stand behind.	55%
MN	MFGI	Merchants Financial Group of Winona — Vastly underperformed. The bank is operationally strong, so I anticipate its share price will catch up.	17%
MO	LBCP	Kansas City’s Liberty Bancorp — Outperformed, and sold to Central Bancompany. CEO Brent Giles should be commended for the value he created since the bank’s 2006 conversion from a mutual thrift.	75%	SOLD
MS	CIZN	Citizens Holding Company — Dramatically declined, proving this bank should be sold to stronger operators. Not a wise stock buy, unless you think they’ll sell.	- 14%
MT	EBMT	Eagle Bancorp — Performed with Index.	39%
NC	UWHR	Uwharrie Capital — Outperformed by nearly double the Index, and still not expensive. Kudos to CEO Roger Lee Dick for improving this franchise.	94%
ND	BNCC	BNCCORP — Outperformed by a factor of eight, and still not expensive. I’m grateful to Chairman Vekich and activist investor John Palmer for taking charge, and much enjoyed the $14 in special dividends.	290%
NE	FINN	First National of Nebraska — Outperformed, a great old bank, and still not too expensive in spite of the increased stock price.	75%
NH	NWYF	Northway Financial — Vastly underperformed, and desperately needs more transparent and effective operators. I hope this valuable franchise sells to one of the many banks that would love to acquire it.	14%
NJ	PKBK	Parke Bancorp — Underperformed, but CEO Vito Pantilione is building value faster than share prices reflect, so I’m anticipating a nice little windfall sooner or later.	23%
NM	None	I didn’t have any top picks for this state in 2019.	N/A
NV	None	I didn’t have any top picks for this state in 2019.	N/A
NY	GLDT	Gold Coast Bancorp — Outperformed, and sold to Investors Savings Bank (ISBC), which in turn, sold to Citizens Financial Group (CFG). Gold Coast Management’s 22% stake was a great omen for investors.	50%	SOLD x2
OH	CBKM	Consumers Bancorp — Performed with Index. Not bad — just an average bank in every regard, and still cheap relative to franchise value.	32%
OK	CESO	Central Service Corp — The bank is great, but shares and share price info are still proving impossible to find.	N/A
OR	CLAT	Clatsop Community Bank — Outperformed, and sold to Louis and Clark Bancorp (LWCL).	47%	SOLD
PA	FRSB	First Resource Bank — Performed with Index. Still rated the best bank in the wealthiest county in Pennsylvania. (See MyChesCo 11/02/2020)	38%
PA	EMYB	Embassy Bank — Outperformed. Still strong, still cheap, still a buy in my book.	50%
PA	FRAF	Franklin Financial Services — Grossly underperformed, but so cheap, there’s likely nowhere for it to go but up.	6%
RI	WASH	Washington Trust Bancorp — Underperformed, but still a very nice, well-run bank.	22%
SC	SFDL	Security Federal — Vastly underperformed, but still way too cheap, and insiders are certainly well-incented to capitalize on its potential.	14%
SD	GWB	Great Western Bancorp — Grossly underperformed, and sold to First Interstate BancSystem (FIBK).	9%	SOLD
TN	IBTN	InsCorp — Vastly underperformed, but the fundamentals are improving. The stock is still cheap and I have high hopes.	12%
TX	CADE	Cadence — Vastly underperformed, and sold to Bancorp South (BXS).	11%	SOLD
UT	PUB	Peoples Utah Bancorp —Outperformed, and sold to Glacier Bancorp (GBCI) after changing its name to ALTA.	52%	SOLD
VA	MNSB	MainStreet Bancshares — Outperformed. I expect they’ll likely fulfill on their stated mission to sell the bank, in spite of their dinking around the past few years.	43%
VT	MDVT	Middlebury National Corp — Underperformed, but this little gem of a bank is still a good buy.	28%
WA	PPBB	Peoples Bancorp — Slightly declined. One of just two losers from the 2019 bank stock pick list. Personal opinion:  CEO Charles LeCocq is dishonest, nepotistic, and acting like the bank is his personal property. I’m sad I own this stock.	- 6%
WI	SBBI	S.B.C.P Bancorp — Performed with Index. CEO Jim Tubbs has doubled the bank’s equity since 2016.	30%
WV	PTBS	Potomac Bancshares — Underperformed, but the bank’s fundamentals have vastly improved.	28%
WY	CRZY	Crazy Woman Creek Bancorp — Outperformed. Bank management is doing the right things (like issuing sub debt and repurchasing stock), and shares are still cheap.	56%

Town Center Bank, New Lenox, IL (TCNB)

Illinois Clan Throws Founding Shareholders Under the Bus

If you're ever tempted to invest in a de novo bank, I really hope you'll consider the case of Town Center Bank, which sold founding shares of TCNB for $10 in 2006 only to dilute trusting shareholders by 19% six years later, mismanage the bank for another eight years, and leave its patient founders holding a stock that's down 62%. Cumulative losses are half of all the money raised in the IPO. Splat!

Based on the recent sale of Ben Franklin Financial (BFFI), a similarly situated Chicagoland bank, also run for the benefit of its management, Town Center Bank could probably sell today for $7. If the bank doesn't sell, I can't see TCNB trading above current $6 DTA-enhanced book value any time soon.

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

Prospective Buyers	I don’t even know if any of the following banks in the area of New Lenox, Illinois would care to buy TCNB and pull shareholders out from under the bus, but I know I would be better off and would gladly swap my TCNB shares for theirs. Bank Financial, Burr Ridge, IL (BFIN) Marquette National Corporation, Chicago, IL (MNAT) Old Second Bancorp, Aurora, IL (OSBC)
Financial Snapshot †as of 12/31/2019	Total assets: $106.8M† Tangible book value per share:    $6.09† NPAs to assets: 0.2%† Price to book: 60.7% Market cap: $8.6M Dividend yield: 0% Trailing 12-month ROA: 0.2%† Trailing 12-month ROE: 2.4%†
Scoundrels	Michael D. Perry, Chairman and CEO, former bus company owner Daniel Regan, President and Chief Lending Officer All 8 "Independent" Bank Directors* currently on the bus *In a first for Timyan Bank Alert, I’m calling the entire clan of directors at Town Center Bank scoundrels. They loaded this bus up with absurd loss levels, parked it over their shareholders, and picked their hostages pockets. Since the bank's founding, these scoundrels have granted and re-granted themselves options to buy over 18% of TCNB at a fraction of the price they charged shareholders.
Red Flag	Besides being a good reminder to think twice before investing in a de novo bank, Town Center Bank presents a textbook case of poor corporate governance. I have serious issues with the drivers of this bus and how the bus is being driven. ✔  This isn't the only bus Perry and his clan are driving The CEO of Town Center Bank is also CEO of 21CFS Innovative Banking, which has provided data processing technology to at least a couple of banks since he took the driver's seat there. Coincidentally, Perry became CEO of 21CFS in 2006, the same year he participated in the founding of TCNB. Reported revenues insofar as anything can be gleaned about them seem mysteriously close to the amounts billed to Town Center Bank — $278K in 2017 and $251K in 2018. Only in an auditor's note in Town Center Bank's annual report can you discover that some of the bank's directors are also shareholders and directors of 21CFS, but nowhere does the bank or 21CFS disclose which ones or for how much. ✔  Michael Perry is a reckless and self-serving driver Town Center Bank CEO Michael Perry owned a bus company in Minnesota named Positive Connections at the time he was helping to organize TCNB. He had no other banking experience as far as shareholders could discern, but we now know he happened to be acquiring a banking tech services company at the time. Perry proceeded to install himself as Chairman of Town Center Bank's Executive Committee, Nominating Committee, Capital Planning Committee, and Loan Committee. He also "sits on" the bank's Asset / Liability Committee. Then, according to plan, apparently, Perry converted Town Center Bank into a profit center for his bank technology business, and cut other directors in on the action. Town Center Bank's board can exercise no oversight of this CEO under these circumstances. ✔  Current and prior drivers exaggerated on their resumes  Former Town Center Bank President Andrew Bernhardt still claims on his LinkedIn page to be not "an," but "the" Owner of Town Center Bank, which in actual reality is publicly traded. Former Director Lino Canaria is listed in the 2006 offering prospectus as owner of Brian Keith Advertising, "the largest specialty advertising firm in the Midwest." BKA has no website and looks like a very small business to me. In 21CFS marketing material, Perry makes a delusional claim about Town Center Bank's performance under his leadership: “through economic storms and regulatory pressures," he says, "Town Center Bank remains strong and responsive to the community needs.” Truth is, half the money the bank raised in its IPO has been squandered. In spite of their carefully crafted resumes, this entire clan of Frankfort, Illinois bankers has only been able to attract 3% of their own town's deposits for Town Center Bank. ✔  They took TCNB on a joyride with total disregard for passengers Right out of the gate, de novo Town Center Bank was leaking oil. Losses grew to over $4M a year by the end of four years. Six years into the ride, NPAs exceeded 10%, even after the bank recorded large chargeoffs. That's when this clan got the bright idea to cut the strike price of their options on 432,000 shares from the $10 they charged their founding investors to $3, thereby stuffing 19% of shares outstanding into their own lunch boxes. Ten years into the ride, the clan's ill-gotten options were supposed to expire, so they extended the maturity on them another 10 years out. Today, even in these best of times for the US economy, in a “good” quarter, Town Center Bank earns barely 0.2 % on assets and 2% on equity.
Sources	Town Center Bank website April 2019 Proxy Statement 2018 Annual Report Dun & Bradstreet for 21CFS Undated Article in 21CSF Innovative Banking (a publication owned by Town Center Bank Chairman and CEO Michael Perry) August 28, 2015 Article in Chicago Tribune S&P Global Market Intelligence Confidential interviews with shareholders and analysts