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Thursday, June 09, 2005

Pacific International Bank

This bank (website) has apparently about 1,000,000 shares. They don't seem to trade on any exchange, although the bank lists a bid/ask/last numbers on their website ($16/$17/$15.50).
PI Bank was founded in 2001 when more than 240 local Korean-American business owners and investors decided to create a bank to give special attention to the needs of small business owners. Since that time we have added branches in Lakewood and Lynnwood to the service provided from our Seattle headquarters branch. Our officers and staff speak Korean as well as English. [emphasis added]
If that's true, then I wonder why there is so little emphasis on commercial/industrial loans (see below in bold).

FDIC certification #57246

Doing a comparison to Bank of the James (they're a good standard to use for comparison of startup community banks)...
Annualizing Q1 2005 for the year would be about $1 million in net earnings or about a dollar a share. This would give it a forward P/E of about 17. They've expanded about as much as they can with the current equity capital, so I don't expect the huge improvements in the future that they saw in the past. So this one is probably priced about right. It doesn't seem like they have much transparency, so this is not worth following.

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