The analysts abandoned CommunityOne Bancorp (NASDAQ:COB) during the Great Recession and haven't come back. They stopped coverage for a good reason: With 16% of its loans nonperforming, the North Carolina bank appeared headed for financial oblivion. At one point, CommunityOne dropped to 25 cents, a colossal fall from its $30 high. But this 100-year-old bank didn't fail. CommunityOne recapitalized and brought in a new experienced management team who scrubbed the balance sheet of toxic loans. This past quarter, the bank made money for the first time since 2008. After some very heavy financial lifting, everything is falling into place: Net interest margins are rising, its game changing Bank of Granite acquisition integration is complete, operational costs have shrunk...
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