Always up for a turn-around story, this review of Pacific City Financial Corp. (OTCQB:PFCF) started with a search for a regional bank that was still holding TARP Preferred shares. We are now entering the time where the interest paid on these securities has reset to 9%, which only adds to the already growing pressure to get them off of the books once and for all. While investing after a redemption can be profitable, more upside tends to come to those who got in before the purchase is announced, or like in this case, after a partial redemption. With that, let's see if Pacific City would make a profitable investment (spoiler-I think it's a pass).
Note: Spike below is...
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