Date: Mon, 1 Mar 2004 10:44:39 CST
From: krinconn@yahoo.com (Ms Kate)
Newsgroups: misc.invest.financial-plan
Subject:  Re: How much to risk in Mutual-to-stock bank conversion offer?
Message-ID:  <6140a8b.0403010830.17ebf669@posting.google.com>
References:  <6140a8b.0402261036.7fd54fff@posting.google.com>  
	iQBVAwUAQENod/l/I4+O31e5AQEWrwH+ONkwsNc9trM/81I+vpp3SwsF7hEISdey
	PoUYE3BZ5mpCCrmZwlQGaLwKn9fFD146LFOSKtRqL/JifBCBPKaoVw==
	=gFTj

Thanks especially to Tad Borek and Brent Gardner for their detailed
and helpful responses.

The institution in question is New Haven Savings Bank.

The capitalization will  mostly be used to gobble up two local
minnows:
Tolland Bank (2002 income: $3.5M ) for a purchase price of $71.8M and
Savings Bank of Manchester (2002 net inc: $25.9M) for purchase price
$607M).

Pro forma price to book ratio at midpoint of expected # of shares in
offering:     76.9%
Pro forma price to 'tangible book value' at midpoint: 135.5%

What exactly is 'tangible book value'? Anyone???

I am interested in finding local expert opinion to advise us on this;
in the meantime, I'm living and learning and trying to figure it out
for myself.