Under the Radar

Virtual Bank Conference Events Where Banks and Investors Come Together to Explore Opportunities

Discover Bank Investment Opportunities That Are “Under The Radar”

Credit Unions and M&A

Tuesday, December 6 from 2 PM - 3:30 PM.

Derek Szot from Piper Sandler will address the following topics:• The history of CU-bank deals• Drivers of CU acquisitions• Deal metrics• Deals that did not go through and why?• Any predictability-what to look for in bank targets?• Are credit union to mutual bank conversions dead?• What is the Liquidation Account for converted mutual targets all about?• Regulatory environment for CU-bank deals
Derek Szot is a managing director in the financial services group at Piper Sandler, and its predecessor Sandler O’Neill. He provides strategic advice primarily to depository financial institutions throughout United States.Derek has significant experience working with credit unions and mutual savings banks. This includes capital planning within the credit union and mutual structures, the conversion process where merited (including both credit union to mutual and mutual to stock company), and post-conversion capital management strategies. In addition, Derek has an extensive background in mergers and acquisitions with particular expertise in financial modeling and helping clients assess the impact of various strategic alternatives to their base operations. Before re-joining Sandler O’Neill in 2004, Szot was co-founder and principal of Y-Merge, which was acquired by SNL Financial (S&P Global). He originally joined Sandler O’Neill in 1993.Szot is a graduate of both the Wharton School of the University of Pennsylvania and Columbia University.
Register-Now!

Under the Radar: September 13, 2022

Join fellow investors interested in learning about 'Under the Radar' bank investment opportunities on September 13, 2022 from 9 am to 3 pm for VirtualBankConference.com's 2022 virtual event.
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Keynote Speakers

  • Mike Godby
  • Janney Montgomery Scott LLC
  • Mike has more than 29 years of financial services experience, with deep expertise in mutual-to-stock conversions.

  • Topic: The current mutual bank conversion landscape
Reid Brewer - Piper SandlerReid provides strategic general industry and economic advisory, M&A transaction advisory and capital raising services to depository institutional clients in the Southeast. Topic: Mergers & acquisitions in an age of securities markdowns

Bank Presenters:

'Under the Radar' Bank Presentations

FBMS
The First Bancshares, Inc.
FFIC
Flushing Financial Corporation
LCNB
LCNB Corporation
MGYR
Magyar Bancorp, Inc.
WRIV
White River Bancshares Co.
BWFG
Bankwell Financial Group, Inc.
PBBK
PB Bankshares, Inc.
PDLB
Ponce Financial Group, Inc.
LBNW
Liberty Northwest Bancorp, Inc.
AVBH
Avidbank Holdings, Inc.

Presenting Banks Overview

Avidbank Holdings, Inc. (AVBH) is a niche-focused west coast bank trading close to tangible book that recently raised capital from several big bank investors with one of them recently joining the Board of Directors. Bankwell Financial Group, Inc. (BWFG) is a high-performance bank with a valuable deposit franchise in Fairfield County, CT, and a strong board of directors trading at 1.12x tangible book. The First Bancshares, Inc. (FBMS) acquired Heritage Southeast Bancorporation (HSBI) after HSBI terminated its sale to a credit union; an opportunity for HSBI shareholders to get to know FBMS better. Flushing Financial (FFIC) is a $6.4B metro-NY deposit franchise trading around TBV with interesting growth initiatives in Fintech and local niche markets. LCNB Corp. (LCNB) is one of the strongest deposit franchises in one of the strongest midwest markets with one of the strongest dividend yields. Liberty Northwest Bancorp, Inc. (LBNW) is a de novo bank with a strong deposit base in the attractive Seattle MSA market that just listed its stock on the OTCQX market. Magyar Bancorp, Inc. (MGYR) is a recent thrift conversion selling at a discount to tangible book just past its 1-year anniversary with a special dividend, regular dividend, and a 5% share repurchase authorization already under its belt. PB Bankshares (PBBK) is a recent thrift conversion selling well-below TBV that just passed its one-year anniversary with a 10% buyback authorization. Ponce Financial Group, Inc. (PDLB) - recent 2nd step conversion trading below offer price and below tang book even adjusted for fintech exposure with excess capital and a track record of accretive capital management. White River Bancshares Co (WRIV) is a growth bank with strong deposits in attractive northern AR market trading at 1x tangible book, an opportunity to get an update on recent investments and growth opportunities in an "under the radar" part of the country.

Under the Radar Virtual Bank Conference Agenda

(Eastern Start Times)
9:00 Keynote Speaker Mike Godby on thrift conversions and the MHC space
9:30 FBMS The First Bancshares, Inc.
10:00 FFIC Flushing Financial Corporation
10:30 Break
10:45 LCNB LCNB Corp.
11:15 MGYR Magyar Bancorp, Inc.
11:45 WRIV White River Bancshares Co
12:15 Lunch Break
1:00 Keynote Speaker Reid Brewer on interest rate marks in bank M&A
1:30 BWFG Bankwell Financial Group, Inc.
2:00 PBBK PB Bankshares, Inc.
2:30 Break
2:45 PDLB Ponce Financial Group, Inc.
3:15 LBNW Liberty Northwest Bancorp, Inc.
3:45 AVBH Avidbank Holdings, Inc.
 4:15 Adjourn

Organized & Facilitated By:

Pendragon Capital Management & Sycamore Analytics LLC
Analyst + Catalyst President of Sycamore Analytics, an independent investment research firm with expertise in banks and small-cap value opportunities.
President of Pendragon Capital Management Inc., a Registered Investment Advisor with a specialty in bank investments.

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"Under the Radar" Conference Details

The Virtual Bank Conference is an opportunity, in a convenient online format, where banks of all sizes can efficiently communicate with current investors and get exposure to new investors and where investors of all types can have direct contact with bank managements. Banks and investors can make new contacts and exchange ideas and outlooks. We hope you join us!

Meet The Executives & Look For Opportunities In Banks That Are “Under The Radar”

10

# of Banks Presenting

165+

# of Attendees

Who Should Attend?

Investors Looking for Unexplored Opportunities
Banks Looking to Engage With & Broaden Their Investor Base
By registering for this conference, you will be included in Sycamore Analytics' and Pendragon Capital Management's, and VirtualBankConference.com's ongoing communications about bank investing, virtual conferences, and other relevant information. We look forward to continuing the conversation with you.
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