Bearish financial securities attract bullish bank insiders - Business First of Columbus:

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The key motivations behind such "insider" buy orders are bargainj shopping and, to a lesse r extent, price propping, experts say. Take Raleigh-based , for In 2006, insiders boughtf 2,757 shares and sold 13,280 from their portfolios. From Januargy through November 2007, by contrast, they have purchasesd 154,908 shares and sold 19,500. The numberws were compiled through Yahoo Finance and represent only open marketstock buys. Non-open market transactiond and option exercises arenot included. Leading the list of Capital purchasers in 2007 have been board ChairmanOscar A. Keller III, a Sanforxd developer who snappedup 67,92w3 shares, and his father, O.A. Keller Jr.
, a Sanfordr retirement home company executive who bought 20,000 shares. Capital shares, trading at $17.334 on Dec. 31, 2006, have fallen by 23 perceny to thecurrent $13.30 range. "We'v had a stock buybacm program ongoing forsome time, and directors have been taking advantage of that. Aftedr all, prices are very low," says Capital CEO Grant Stock price declines at Capital mirror the widere slump inthe sector.
Both the Nasdaq bank loaded withcommunity institutions, and the New York Stocki Exchange bank index, dominated by and the New York-basede money center banks, have plunged 20-plud percent since January in the face of thin earnings followed by subprime credit Bank insiders, who remain bullish on the sector'xs long-term prospects, are buying. "We are in a periode where insiders are buying bigchunks (of in a big way," says William Wagnedr of the Raleigh office of Chicago-based , an investmeng banking company. "They are using the depressex period as a time to add to their Sharesof Cary-based , at $11.63 on the last day of now trade at around $9.
60, a 17 percent During the past six bank insiders have bought 22,077 Crescentr shares and sold 3,440 from their according to Yahoo Finance. Crescent and Capital are amongy the two most actively traded local bank Insider buys on active securitiesa can help diminishthe "sell pressure" on a stoclk in the market, thereby helping to stabilize the "Anytime you get a buyer, it helps in a marke where people are selling," says Mark a bank analyst with . Some banks with low tradinbg volumes and that already have a high percentage of insider ownership are not seeing a flurry ofinside buys.
For example, at Raleigh-based , wheree share prices have declinecd by 25 percentsince January, key directorzs and officers have sold 5,001 shares and bought 1,341, accordinh to Yahoo. Meanwhile, at Charlotte-based , where share prices have declined by 29 percentsince January, insiders boughty up 354,000 shares and sold none duringb the past six months. At Winston-Salem based , insiders boughgt 19,665 shares and sold 17,348u during the past six months.