| SY Bancorp Inc. Capital Trust 10% Cumulative Trust Preferred Stock Yahoo Ticker SYBTP Recent Price $11.50 Current Yield 8.8% Quarterly Dividend .25 ex-dividend Date 3/26/2010 Dividend Payment Date 3/31/2010 |
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| Description S.Y. Bancorp, Inc. operates as the holding company for Stock Yards Bank & Trust Company that provides commercial and personal banking, investment management, and trust services to individual consumers and businesses primarily in Louisville, Kentucky; and southern Indiana. The company accepts non-interest and interest bearing demand deposits, savings deposits, certificates of deposits, individual retirement accounts, money market deposits, and time deposits. Its loan portfolio comprises commercial and industrial, construction and development, real estate mortgage, home equity, and consumer loans. In addition, the company offers securities brokerage services; life insurance products; and wealth management services, including investment management, trust and estate administration, and retirement plan services, as well as originates and sells single-family residential mortgages. As of December 31, 2008, it operated 28 full service banking offices in Louisville metropolitan statistical area, Indianapolis, and Cincinnati. The company was founded in 1904 and is headquartered in Louisville, Kentucky. Commentary Every once in a while we come across a security that for some reason we had not found before and we wonder how we missed it---this is one of them. This is a trust preferred stock that has a coupon of 10% and a current yield of 8.8%--it was issued 14 months ago so is callable in late 2013. S.Y. Bancorp is a community bank, in Louisville KY, that is solid financially--unlike many of the regional and money center banks. They have not lost money--and in fact have held their profits near flat for the last number of years. Their capital has remained strong and they are quite bullish on their future prospects. It should be noted that this company is very thinly traded with average daily trading volume during the last 10 days of only around 2000 shares. The shares trade between $11 and $12 and anyone purchasing these shares should use limit pricing in the lower level of the range. This is not a recommendation to buy any security---but is only meant to point out potential opportunities which may or may not fit an individuals investment needs. The companies website is here and should be visited by those considering purchasing this security. The companies latest 10-Q filing is here. The companies 4th Quarter earnings release is here. |
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