Auburn Bancorp Inc (ID) (ABBB)

Another bank with dumdum management.

Stock remains under its book value. Management continues to control by not finishing the offering.

Anyone contact management to determine if they plan on doing the second offering?

Where does it imply they would do the second step of conversion rather than keep the mutual owning the entire bank? (I'm not doubting you, I just haven't seen that promise). We could make a demand to them.

Was it the plan to do a second conversion? To me it seems they made sure they kept control by selling only 49% and keeping 51% in the mutual where the bank account holders really can't do much. It's kinda nice to get a capital infusion but give up no control.

That isn't so unusual. Most banks give loans to their directors etc. They usually have large deposits at the bank. Locals. Bigger problem with this one is that I have been waiting forever for them to do their second step of conversion. Management doesn't seem to be in a hurry. If they keep riding the gravy train I don't see them moving forward with it. Eventually expenses will force their hand.

Management gives the insiders loans.

This trades for 50% of the book value. The problem is 51 percent of the stock is owned by the mutual holding company.

Tight float/os. could be a turn around story.