A Case of a Rock Solid Opportunity in the Granite State
You'd have to dig pretty hard to unearth a better bank stock to buy now than Northway Financial. NWYF's current price of $15.70 is a bargain, and the bank's takeover prospects present strong opportunity for capital gains. I'm pretty happy to own more of this high-yielding block of granite than I do of diamonds or gold.
Disclosure: As of this posting, I own shares of NWYF and may subsequently either dispose of them or purchase more.
Surveying the regional banking landscape, I can see three institutions for which an acquisition of Northway Financial would make great sense:
New Hampshire Thrift Bancshares, Newport, NH (NHTB)
People's United Financial, Bridgeport, CT (PBCT)Toronto Dominion Bank, Toronto, Canada (TD)
(as of 03/31/2013)
William J. Woodward, Chairman, President and CEO
Fletcher Adams, Vice Chairman of the Board
Russell Cronin Jr. Senior VP and CFO