This is becoming the hot financial play. Buy a small bank, convert to an S&L structure, profit! Hartford (HIG) did it last week to nice effect, and on Sunday, Genworth announced that it’s doing the same thin,buying a small bank and then applying for the TARP. This time, the lucky winner is InterBank fsb of Maple Grove, Minnesota. Genworth, the spinoff from GE, has seen its shares sink from a high of $28 to its current price of $1.47.
The stock is indicated to be up by a third on the news.
Business Insider Emails & Alerts
Site highlights each day to your inbox.