SA News • Jul. 15, 2014
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Franklin Financial: Is This Conversion Story Still A Buy?
- Bogged down with too much equity, Franklin Financial's profitability has been hindered.
- Share repurchases have created value, but looking forward, Franklin management should focus on operating efficiencies .
- Despite a low loan-to-asset ratio, Franklin's cost of capital is unattractively high.
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Jul. 15, 2014, 8:13 AM
- Franklin (NASDAQ:FRNK) owners will receive 1.4 shares of TowneBank (NASDAQ:TOWN) stock for each share of Franklin they own, valuing Franklin at $23.04 per share based on Towne's Monday close of $16.46. Franklin closed Monday at $21.90.
- The combined lenders will have total assets of $5.9B, with loans of $3.8B and deposits of $4.1B.
- The deal is expected to be immediately accretive to TowneBank's capital ratios, and accretive to earnings in 2016 and thereafter.
- Investor presentation
- Source: Press Release
Nov. 16, 2012, 3:13 PM
Nov. 15, 2012, 5:28 PM
FRNK vs. ETF Alternatives
Franklin Financial Corp, through Franklin Federal savings Bank, attracts retail deposits from public & provides multi-family loans, nonresidential real estate loans, construction loans, land & development loans, & loans to other financial institutions.
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