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Wednesday, June 01, 2005

Bank of Salem (Oregon)

BSOG: This one is worth looking into. They have 3.037 million shares and about $3 million in earnings last year. Earnings have been lower between 1992 and 2003, so I'm thinking about the equivalent of a steady $2.3 million per year, which is worth about $34 million or worth about $11.30 a share. Share are selling for around $17, but they were selling for $12 last year. Good ROA and ROE. Good capitalization ratios. They compare very favorably to a similar known-good bank and to a peer group of similar sized banks in Oregon from the mid 1990s to Q1 2005. Definitely worth watching.

1995 Commercial Street Southeast
Salem, OR 97302
(503) 585-5290

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