FNBH Bancorp (OTCPK:FNHM) jumped up on our radar since the company was seemingly trading for $2.75 million and produced $2.5 million in income for the duration of 2013. It seemed too good to be true to have such a low valuation, so we decided to dig a little deeper. What we found was a very small community bank in southeast Michigan that has been having trouble well before the financial crisis. A recapitalization has recently taken place with an issuance of convertible preferred shares and a rights offering which puts the bank on firm ground for profitability in the future, but there still are risks. We found that the recapitalization has confused financial sites and screens to the...
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