For those of you that follow me on a more regular basis, you know that I have been searching for banks that have something hiding core earnings. This isn't always my focus, but it has evolved as the big discounts have almost completely dried up.
One of the easiest ways I've found to identify one of these turnaround stories has been searching for companies still holding onto TARP shares. Redemption of the preferred stock offers immediate earnings relief for common shareholders, and even more so now that the majority of these dividend payments have reset to 9% (from 5%).
With that, this search has uncovered Eastern Virginia Bankshares (NASDAQ:EVBS), a small regional bank trading below reported book value,...
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