Thursday, December 11, 2008

Saigon National Bank get a piece of the pie

Yay for the Vietnamese community bank getting a piece of TARF. In fact, Saigon National Bank is getting about $1 million! Saigon National Bank Approved for Preferred Shares Sale of $1,200,000 to the U.S. Treasury. Now they can lend money to more local Vietnamese businesses in the Westmingster CA community.

With it market cap of only $3M, the fed is literally now owning 1/3 of the company! The stock has been down from $12 a share at IPO to $2 a share now.