For those of you not keeping track at home, I'm a bit of a Regional bank "Knife Catcher"....
so, many of the Regionals are losing tons of money 100%-50% of their earnings because of NPA(mortgage) losses, or bad loans to developers.
Mercantile Bank Corporation (NasdaqGS:MBWM - News) reported net income for 2007 of $9.0 million, or $1.06 per diluted share, a decline of approximately 55 percent from the $19.8 million, or $2.33 per diluted share
Damn, that stock is taking a 20% blood bath today
Wednesday, January 9, 2008
Regional banks
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