The Heritage Bank resurrection story warms my heart. Of the 12 banks that were headquartered in Georgia's Clayton and Henry Counties in 2008, Heritage is the only one that survived the Great Recession.
The Heritage Bank franchise lost a huge percentage of its equity at the time, but clearly it did not lose faith! Since then, asset quality, growth, and scarcity value have all risen to such a glorious degree that I can see CCFH stock trading at 150% of book value within the next two years. And if the bank's board decides to sell, the stock could deliver twice book.
Disclosure: As of this posting, I own shares of CCFH and may subsequently either dispose of them or purchase more.
*Tangible book value per share, price to book, and market cap adjusted for exercise of warrants and conversion of preferred shares.
**ROE and ROA numbers are misleading due to the bank's DTA recapture.