First IC Corporation (CE) (FIEB) Quote

First Intercontinental Bank (GA) changed to First IC Corporation:

http://otce.finra.org/DLSymbolNameChanges

Marker:
First Intercontinent (FIEB)
$9.40 0.0 (0.00%)
Volume: 0

FDIC #34998

UBPR Report for 3/31/2014

Retained Earnings: $1.109MM

Equity: $35.207MM

O/S as of late fall 2013: 2,957,453

https://cdr.ffiec.gov/public/Reports/UbprReport.aspx?rptCycleIds=78%2c73%2c76%2c72%2c67&rptid=283&idrssd=2877840&peerGroupType=&supplemental=

*Bank is trending nicely in the right direction.

How healthy is this bank?

http://banktracker.investigativereportingworkshop.org/banks/georgia/doraville/first-intercontinental-bank/

BV is: $8.64

MV is: $4.25

P/E is 6.76

TARP Transactions

Original TARP investment amount: $6,398,000.00 (on March 13, 2009)

Total cash back: $4,118,886.85 (May include dividends and interest payments not shown below)

Investment status: Sold, in full; warrants not outstanding

-Warrant proceeds of $139,320.00 on Aug. 12, 2013 - realized loss of $3,150,887.04

-Repayment of $3,247,112.96 on Aug. 12, 2013 - realized loss of $3,150,887.04

-Fees paid*: $-25,000.00 on Sept. 12, 2013

Data current as of Oct. 16, 2013

==========

*The bank is making a nice recovery. Technically the TARP debt remains at $6,398,000.00 even though the Treasury auctioned off their holdings.

*FD - I do not own FIEB at this time.

Marker:
First Intercontinent (FIEB)
$4.25 0.0 (0.00%)
Volume: 0

First Intercontinental Bank (FIEB) Profits again

2nd Quarter 2013 YTD Recorded a gain in bank equity of $658,000

https://cdr.ffiec.gov/Public/ViewFacsimileDirect.aspx?ds=call&idType=fdiccert&id=34998&date=06302013

Also FIEB HAS began to pay off CPP bailout so far to the tune of $3.25 million. Paid this week leaving a outstanding balance of $2.23 million.

http://projects.propublica.org/bailout/entities/195-first-intercontinental-bank

2013 Profits Up 763%

First Intercontinental Bank (GA)
770-451-7200

2008 1st Quarter
1. Equity Prior 23,556,000
2. Equity Ending 23,835,000
$279,000
PPS $12.00
Direct Link to CALL report: https://cdr.ffiec.gov/Public/ViewFacsimileDirect.aspx?ds=call&idType=fdiccert&id=34998&date=03312008

2009 1st Quarter
1. Equity Prior 24,707,000
2. Equity Ending 31,186,000
$6,479,000 (CPP TARP, US Treasury)
PPS $3.75
Direct Link to CALL report: https://cdr.ffiec.gov/Public/ViewFacsimileDirect.aspx?ds=call&idType=fdic345cert&id=34998&date=03312009

2010 1st Quarter
1. Equity Prior 30,668,000
2. Equity Ending 30,490,000
(-$178,000)
PPS $4.00
Direct Link to CALL report: https://cdr.ffiec.gov/Public/ViewFacsimileDirect.aspx?ds=call&idType=fdiccert&id=34998&date=03312009

2011 1st Quarter
1. Equity Prior 30,420,000
2. Equity Ending 30,497,000
$77,000
PPS $4.00
Direct Link to CALL report: https://cdr.ffiec.gov/Public/ViewFacsimileDirect.aspx?ds=call&idType=fdiccert&id=34998&date=03312011

2012 1st Quarter
1. Equity Prior 30,869,000
2. Equity Ending 30,934,000
$65,000
PPS $2.00
Direct Link to CALL report: https://cdr.ffiec.gov/Public/ViewFacsimileDirect.aspx?ds=call&idType=fdiccert&id=34998&date=03312012

2013 1st Quarter
1. Equity Prior 32,039,000
2. Equity Ending 32,535,000
$496,000 Up 763% from prior
Current PPS $4.00
Direct Link to CALL report: https://cdr.ffiec.gov/Public/ViewFacsimileDirect.aspx?ds=call&idType=fdiccert&id=34998&date=03312013

CCP TARP bailout in 2009

http://www.treasury.gov/initiatives/financial-stability/TARP-Programs/bank-investment-programs/cap/Contracts%20and%20Agreements/First%20Intercontinental%20%20Bank.pdf

Capital Purchase Program (CCP) (TARP)
Terms of the Purchase:
Series of Preferred Stock Purchased: Fixed Rate Non-Cumulative Perpetual Preferred Stock,
Series A
Per Share Liquidation Preference of Preferred Stock: $1,000
Number of Shares of Preferred Stock Purchased: 6,398
Dividend Payment Dates on the Preferred Stock: February 15, May 15, August 15 and
November 15 of each year
Series of Warrant Preferred Stock: Fixed Rate Non-Cumulative Perpetual Preferred Stock,
Series B
Number of Warrant Shares: 320
Number of Net Warrant Shares (after net settlement): 320
Exercise Price of the Warrant: $ 1.00 per share
Purchase Price: $6,398,000

IMPORTANT NOTE: The balance on the CCP has NOT been repaid. Company has also not paid a dividend on the Preferred Stock purchase since May of 2011. This is NON-Cumulative stock purchase so they don’t actually owe anything for past dividends. As far as I have been able to find is that they currently have a net outstanding balance of $5.64M.


Even with the net outstanding balance amount taken from the current equity balance, would leave the bank with over $3M more than 2008 when it was $12 PPS and 1st quarter profits 178% higher.
Source:
http://projects.propublica.org/bailout/entities/195-first-intercontinental-ban

Bank Capitalization
Capitalization Date: February 28, 2009
Common Stock
Par value: $5.00 per share
Total Authorized: 10,000,000
Outstanding: 2,908,828
Subject to warrants, options, convertible
securities, etc.: 0
Reserved for benefit plans and other
Issuances: 242,230
Remaining authorized but unissued: 6,848,642
Shares issued after Capitalization Date
(Other than pursuant to warrants,
Options, convertible securities, etc.
As set forth above):

Preferred Stock
Par value: $ 1.00 per share
Total Authorized: 10,000,000
Outstanding (by series): 0
Reserved for issuance: 0
Remaining authorized but unissued: 10,000,000


Previous Offer in Sept 2008 for $22.27 per fully diluted share
http://mobile.wnd.com/markets/news/read/3223973/center_financial_signs_definitive_agreement_to_acquire_atlanta
Offer Cancelled by FIEB
http://investor.centerbank.com/phoenix.zhtml?c=66991&p=irol-newsArticle_pf&ID=1123453&highlight=
FIEB VS Central Financial Corp.
http://dockets.justia.com/docket/georgia/gandce/1:2008cv01323/150437/
Central Financial Corp. Settles Out of Court
http://investor.centerbank.com/phoenix.zhtml?c=66991&p=RssLanding_pf&cat=news&id=1237336

Previous Buy-Out Offer $22.27
http://www.wikinvest.com/stock/Center_Financial_(CLFC)/Definitive_Agreement_Acquire_Intercontinental_Bank

2012 1st Quarter
1. Equity Prior 30,869,000
2. Equity Ending 30,934,000
Profit = $65,000
PPS $2.00
Direct Link to CALL report: https://cdr.ffiec.gov/Public/ViewFacsimileDirect.aspx?ds=call&idType=fdiccert&id=34998&date=03312012


2013 1st Quarter
1. Equity Prior 32,039,000
2. Equity Ending 32,535,000
Profit = $496,000 (Up 763% from prior)
PPS $4.00 Par Value $5
Direct Link to CALL report: https://cdr.ffiec.gov/Public/ViewFacsimileDirect.aspx?ds=call&idType=fdiccert&id=34998&date=03312013