California is different from other states, and not just due to its diverse economy. If California was a separate country, it would be one of the top ten countries of the world in terms of gross domestic product, larger than the GDPs of Russia, India, and Canada. Although the state is one of the largest users of energy, the per capita energy use is one of the smallest of all the states. It was the state that passed the first statewide medical marijuana initiative back in 1996. The state has the lowest and the highest points in the continental U. S. The modern day fortune cookie was invented in California. And right now, California seems to be the only state that doesn't have a flu epidemic (yet).
So what does this have to have to do with high priced stocks? Absolutely nothing, except that three of the highest priced stocks are California banks. What's up with that?
Sunwest Bank (OTCPK:SWBC) closed at 29,000 today, up 2,100 or 7.81%, with a huge trading volume of 1. That's one share. This banking company headquartered in Irvine, California, has branches in Tustin, Anaheim, Irvine, Laguna Hills, San Clemente and Encinitas, California, and in Flagstaff and Cottonwood, Arizona. It was ranked fourth out of the 200 top community banks and thrifts in the US, based on its three-year average return on equity.
Mechanics Bank (OTCPK:MCHB) based in Richmond, California, was founded in 1905. It has 33 branches in Contra Costa, Alameda, San Francisco, Marin, Napa, Placer, Sacramento, and El Dorado counties. The stock closed a couple days ago 10,850. The stock trades at 12.2 times earnings and pays a 3% yield, a lot more than what it currently pays on its savings accounts.
Farmers & Merchants Bank of Long Beach (OTCQB:FMBL), founded in 1907, is based in, where else, Long Beach, California. It has 21 branches in Los Angeles and Orange Counties. The stock trades at 9.3 times earnings and pays a yield of 1.9%. The stock closed at 4,550.00, up 62.00 or 1.38% at a volume of 46 shares for the day.
If you like interesting lists like this, check out many of the free stock lists at WallStreetNewsNetwork.com.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.