10 Western Bank Stocks for the Long Term

NEW YORK ( TheStreet) -- For investors who can commit for at least two years, TheStreet has identified 10 bank stock recovery plays among Western banks... with another one that's in-play.

Following on the heels of our look at 10 Midwest Bank Stocks Poised for the Recovery, we have followed the same approach to highlight the 10 actively traded banks in Western states with shares priced the lowest against projected 2012 earnings.

Operating a bank in the Western U.S. has its challenges. According to the U.S. Bureau of Labor Statistics, California was tied with Michigan for the second-highest unemployment rate among all states, at 12.4%, only exceeded by Nevada, which had an unemployment rate of 14.3%.

Using data supplied by SNL Financial for the publicly traded bank and thrift holding companies headquartered in 11 Western states - excluding those traded on the Pink Sheets -- we narrowed down the list to the 10 names with the lowest forward P/E based on 2012 earnings estimates with three-month average daily trading volume of at least 50,000 shares.

Although it would have made the list, we have excluded Center Financial ( CLFC), which agreed in December to merge with its Los Angeles Competitor Nara Bancorp ( NARA). While the deal was announced as a merger of equals, Nara Bancorp's CEO Alvin Kang will serve as CEO for the combined company, which has yet to be named. We've excluded Center Financial from the list for two reasons: First, the shares are already trading above the effective offering price of $7.16 a share. Second, Central Financial's CEO Jae Whan Yoo was fired on Friday, with the company only saying that Yoo wouldn't be paid any severance.

A call to Center Financial requesting information on Yoo's the firing was not returned. In a press release, Center Financial's chairman Jin Chul Jhun said "we wish J.W. well in his future endeavors." Richard Cupp was named to serve as Center Financials interim CEO until the completion of the merger with Nara - expected in the second half of 2011.

Also on Friday, Timothy Coffey of FIG Partners downgraded Center Financial to "market perform" from "outperform," saying that his firm believed"the lowered price target will reflect the heightened level of uncertainty resulting from the turnover in CLFC's management."

Four of these banks are current participants in the Troubled Assets Relief Program, and some are considerably riskier than others. With all the capital raising activity through the credit crisis, long-term investors in many of these names have borne significant dilution. For new investors, this danger may have passed, but it is important to consider profitability and a company's level of tangible common equity, which excludes TARP money.

Here they are the ten banks in descending order by forward P/E based on the 2012 consensus earnings estimates among analysts polled by Thomson Reuters.

Terms

For each of the 10 banks discussed on the following pages, we'll be looking at capital strength, earnings quality and asset quality. For an explanation of those terms you can click on the box below.

10. Bank of Hawaii

Company Profile

Shares of Bank of Hawaii ( BOH) closed at $46.74 Thursday, returning 3% over the previous year. Based on a quarterly payout of 45 cents, the shares have a dividend yield of 3.85%.

While Bank of Hawaii ranks 10th on this list because its forward price-to-earnings ratio based on the 2012 consensus earnings estimate is the highest, that reflects the company's status as a stable performer through the credit crisis, with strong earnings and asset quality.

Income Statement

Third-quarter net income was $44.1 million, or 91 cents a share, improving from $36.5 million, or 76 cents a share a year earlier. The return on average assets (ROA) for the third quarter was 1.38%, which was, by far, the strongest overall earnings performance for any of the banks listed here.

The net interest margin was 3.27%, declining from 3.85% in the third quarter of 2009, as the company invested excess liquidity primarily in government-issued mortgage-backed securities, amid weak loan demand.

Balance Sheet

Total assets were $12.7 billion as of September 30, and nonperforming assets made up 0.44% of total assets. The annualized ratio of net charge-offs -- loan losses less recoveries to average loans --to average loans for the third quarter was 0.99% and loan loss reserves covered 2.76% of total loans as of September 30. Based on the NPA and net charge-off ratios, Bank of Hawaii had the strongest asset quality of any bank listed here, and it's reserve coverage was relatively high.

Stock Ratios

The shares trade for 16 times the consensus 2012 earnings estimate of $2.92 a share, among analysts polled by Thomson Reuters. The forward price-to-earnings ratio declines to 14 based on the 2012 consensus earnings estimate of $3.45 a share.

Analyst Ratings

Out of 12 analysts covering Bank of Hawaii, four rate the shares a buy, seven have neutral ratings and one analyst recommends investors sell the shares.

On December 23, Joe Gladue of B. Riley & Co. downgraded the shares to neutral from buy, saying that the stock's valuation above two times book value was "considerable premium to the median multiple for banks of roughly" 1.5 times book value. He also complimented the bank's management and said "the company's conservative underwriting practices have helped it maintain strong earnings throughout the economic downturn," adding that as the economy recovers, his firm expects "the bank to achieve stronger EPS growth and to return funds to shareholders through stock buybacks and dividends."

9. Nara Bancorp

Company Profile

Shares of Nara Bancorp of Los Angeles closed at $9.89 Thursday, down 11% over the past year.

The company announced a December 9 agreement to merge with Los Angeles competitor Center Financial in an all-stock deal valued at $285.7 million, to create "the largest and best-capitalized Korean-American community bank" with operations in California, New York and New Jersey, according to a statement by the companies.

Shareholders of Center Financial are to receive 0.7804 shares of Nara stock for each of their shares. Based on the December 8 closing prices of $9.17 for Nara and $6.65 for Center Financial, Center's investors would receive $7.16 per share, or an 8% premium.

The deal is expected to close during the second half of 2011 and Nara Bancorp's CEO Alvin Kang will serve as CEO for the combined company, which has yet to be named.

The deal features a $10 million breakup fee if either bank takes a superior offer before the merger is consummated. Based on the increase in both stock prices since the deal was announced, investors are happy, and for Nara's shareholders, the breakup fee would help salve the wound if a superior offer were made for Center Financial.

Income Statement

Third-quarter net income available to common stockholders was $4 million, or 11 cents a share, improving from $2.9 million, or 11 cents a share a year earlier. The third-quarter return on average assets was 0.69%. The provision for loan losses during the third quarter increased to $11.1 million, from $8.5 million the previous year.

Offsetting the increased provision were increases in net interest income and non-interest income, with $3.7 million earned from loan sales. Third-quarter loan originations increased to $18.9 million from $4.2 million a year earlier.

The net interest margin improved to 3.88% during the third quarter, from 3.14% a year earlier.

Balance Sheet

Nara Bancorp had $3 billion in total assets as of September 30, and a nonperforming assets ratio of 1.81%. The net charge-off ratio was 1.91% and loan loss reserves covered 2.93% of total loans as of September 30.

The company owes $67 billion in bailout funds received through the Troubled Assets Relief Program, or TARP, and will assume the responsibility to eventually repay Center Financial's $55 million in TARP money when the merger deal is completed. Nara is strongly capitalized irrespective of the TARP money, as its tangible common equity ratio as of September 30 was 9.69% according to SNL Financial. The TEC ratio excludes TARP money, any other preferred or trust-preferred equity and excludes goodwill and other intangible assets. For a profitable community bank in the current environment, a 7% tangible common equity ratio is considered a good level by many analysts.

Stock Ratios

The consensus among analysts polled by Thomson Reuters is for Nara Bancorp to earn 37 cents a share during 2011 and 75 cents a share for 2012. Based on the 2012 estimate, the forward price-to-earnings ratio is 13. The shares trade for 1.3 times tangible book value according to SNL Financial.

Analyst Ratings

Four out of the seven analysts covering Nara Bancorp rate the shares a buy, while the other three analysts have neutral ratings. Illustrating the difference of opinion among analysts, Chris Stulpin of Howe Barnes Hoefer & Arnett upgraded the shares to a buy on December 16 with a $12 target, saying that the Center Financial deal was a "great combination," but on January 6, Joe Gladue of B. Riley downgraded the shares to neutral with a $10 price target, citing the appreciation of Nara's shares following the deal announcement and calling the company's current valuation "fair."

Despite the downgrade, Gladue likes the Center Financial combination, saying that the companies have a "similar focus and credit culture" and that the merger should lead to "profitability than either company could achieve separately."

8. Zions Bancorporation

Company Profile

Shares of Zions Bancorporation ( ZION) of Salt Lake City closed at $24.83 Thursday, returning 66% over the previous year.

Income Statement

Zions reported a third-quarter net loss to common shareholders of $80.5 million, or 47 cents a share, narrowing from a loss of $181.9 million, or $1.43 a share, a year earlier.

The third-quarter provision for loan losses was $184.7 million, $565.9 million during the third quarter of 2009. Net charge-offs totaled $235.7 million during the third quarter, declining from $381.3 million a year earlier. With loan losses exceeding the provision, Zions released $26.5 million from loan loss reserves during the third quarter.

Loan originations totaled $2.4 billion during the third quarter, compared to just $480 million a year earlier. The third-quarter net interest margin was 3.84%, declining slightly from 3.91% in the third quarter of 2009.

The company is scheduled to report its fourth-quarter results on January 24.

Balance Sheet

Total assets were $51.1 billion as of September 30, and the nonperforming assets ratio was 4.76%, declining 4.90% in September 2009.

Zions owes $1.4 billion in TARP money. The company reported strong regulatory capital ratios, with a Tier 1 leverage ratio of 12% and a total risk-based capital ratio of 16.54% as of September 30. The tangible common equity ratio was 7.03% and during the first three quarters of 2010 the company raised $515.3 million in common equity, according to SNL Financial.

Stock Ratios

Analysts expect the company to return to profitability in the third quarter of 2001, earning 16 cents a share. The consensus estimate for all of 2011 is for Zions to earn 37 cents a share, followed by $1.92 a share in 2012. The forward price-to-earnings ratio is 13, based on the 2012 estimate.

The shares trade for 1.2 times tangible book value according to SNL.

Analyst Ratings

Out of 30 analysts covering Zions, seven rate the shares a buy, 20 have neutral ratings and three analysts recommend selling the shares.

Marty Mosby of Guggenheim Securities rates Zions a buy with a $26 price target.

7. Cathay General Bancorp

Company Profile

Cathay General Bancorp of El Monte, Calif. has quite a run-up over the past year, with shares nearly doubling to close at $16.75 Thursday.

Cathy General operates branches in California and New York, as well as other states.It also has a branch in Hong Kong, as well as representative offices in Taiwan and China.

Income Statement

Cathay General reported third-quarter net income to common shareholders of $13.2 million, or 17 cents a share, improving from a net loss of $21.8 million, or 43 cents a share, a year earlier, when the company set aside $76 million for loan loss reserves. The provision for loan losses declined to $17.9 million in the third quarter.

The ROA for the third quarter was 0.62% and the net interest margin was 2.74%, improving only slightly from 2.65% in the third quarter of 2009 at a time when the industry trend was for much greater improvement.

Balance Sheet

Total assets were $11.3 billion as of September 30 and the NPA ratio was 3.29%, improving from 3.95% a year earlier. The third-quarter net charge-off ratio was 1.05% and reserves covered 3.73% of total loans as of September 30. Such a strong level of reserve coverage points to reserve releases - and a boosted bottom line - in coming quarters, provided the company sustains its improving asset quality.

Cathay General's Tier 1 leverage ratio was 10.93% and its total risk-based capital ratio was 16.85% as of September 30. The tangible common equity ratio was 7.85%.

Stock Ratios

Following Cathay General's fourth-quarter run, the shares were trading for 1.5 times tangible book value on Thursday according to SNL Financial, which puts the shares in the top three among the ten listed here but that measure. Looking back, the shares traded for over twice their book value at the end of 2007, but profitable holding companies are holding much higher levels of capital in the current environment.

The consensus estimates are for EPS of $80 cents in 2011 and $1.38 in 2012. Based on the 2012 estimate, the forward P/E is 12.

Analyst Ratings

Not surprisingly with some downgrades based on valuation following an amazing fourth quarter for the shares, only one of the 10 analysts covering Cathay General rates the shares a buy, while the other nine analysts have neutral ratings.

6. West Coast Bancorp

Company Profile

Shares of West Coast Bancorp of Lake Oswego, Ore. closed at $3.02 Thursday, returning 41% over the previous year.

Income Statement

Third-quarter net income was $6 million, or 6 cents a share, compared to a net loss of $12.4 million, or 79 cents a share, in the third quarter of 2009. Following the pattern for so many community banks that have returned to profitability, the third-quarter provision for loan losses declined to $1.6 million from $20.3 million a year earlier.

The ROA for the third quarter was 0.97% and the net interest margin was 3.71%, increasing from 3.14% in the third quarter of 2009.

Balance Sheet

Total assets were $2.5 billion as of September 30 and the nonperforming assets ratio was 4.12%, which was a high level but a major improvement from 7.80% a year earlier. The third-quarter net charge-off ratio was 0.83% and reserves covered 2.65% of total loans as of September 30.

West Coast Bancorp is not a TARP participant, and with $18 million in common equity raises during the first three quarters of 2010 and a 6% reduction in the size of its balance sheet, was strongly capitalized as of September 30, with a Tier 1 leverage ratio of 12.84% and a total risk-based capital ratio of 18.23% as of September 30. The tangible common equity ratio was 10.18% according to SNL Financial.

Stock Ratios

The consensus among analysts polled by Thomson Reuters is for the company to earn 15 cents a share during 2011 and 25 cents a share in 2012. Based on the 2012 estimate, the forward P/E is 12.

Analyst Ratings

One of the four analysts covering West Coast Bancorp rates the shares a buy, while the other three have neutral ratings. Don Worthington of Howe Barnes Hoefer & Arnett initiated his firm's coverage of the company on December 30 with a neutral rating, saying that West Coast Bancorp had "significantly boosted its capital ratios such that it should be able to successfully navigate through the current credit cycle," but tempered his enthusiasm, adding that "progress in reducing NPAs to a level more in line with the peer group and significantly improving profitability metrics is likely to take several more quarters."

5. East West Bancorp

Company Profile

Shares of East West Bancorp ( EWBC) closed at $20.35 Thursday, returning 27% over the previous year

The company was among the winners of TheStreet's 2010 Bank Stock Awards -- for most improved net interest margin among actively traded banks and thrifts-- and also benefitted from government-assisted acquisitions of failed banks, including Washington First International Bank in June and United Commercial Bank of San Francisco, which was shuttered in November 2009.

Income Statement

Third-quarter net income available to common shareholders was $40.2 million, or 27 cents a share, compared to a net loss to common shareholders of $79.2 million, or 91 cents a share, during the third quarter of 2009.

The provision for loan losses during the third quarter was $38.6 million, declining from $55.3 million in the second quarter and $159.2 million in the third quarter of 2009.

The third-quarter ROA was 0.93% and the net interest margin was 4.12%, increasing from 3.22% a year earlier. The improvement in the margin came about because the failed-bank acquisitions increased non-interest bearing demand deposits to $2.4 billion as of September 30 from $1.3 billion a year earlier.

Balance Sheet

The company fully repaid the government $306.5 million in TARP money plus dividends of $1.9 million, from cash available on-hand, and plans to purchase an outstanding warrant held by the U.S. Treasury - allowing the government to purchase 1.5 million common shares -- during the first quarter of 2011.

East West Bancorp had $20.4 billion in assets as of September 30, and following the TARP repayment, said its pro forma Tier 1 leverage ratio as of September 30 would have been 9.2%, with a total risk-based capital ratio of 17.1%.

Stock Ratios

The consensus among analysts polled by Thomson Reuters is for East West Bancorp to earn $1.36 a share in 2011 and $1.69 a share in 2012. The forward P/E is 12, based on the 2012 estimate.

Analyst Ratings

Out of 15 analysts covering East West Bancorp, nine rate the shares a buy, while the other six have neutral ratings. Sterne Agee analyst Brett Rabatin increased his price target for the shares on January 3 to $23, saying that "with the repayment of TARP behind EWBC, we believe profitability will continue to improve in 2011 and 2012."

4. Washington Federal

Company Profile

Shares of Washington Federal ( WFSL) of Seattle closed at $16.93, down 15% over the previously year.

Income Statement

Washington Federal's fiscal year ends on September 30. Net income for fiscal 2010 was $118.7 million, or $1.05 a share, compared to $40.7 million, or 46 cents a share, for fiscal 2009. Earnings for fiscal 2010 were boosted by a $54.8 million after-tax gain on the bargain purchase of the failed Horizon Bank of Bellingham, Wash. from the FDIC in January 2010.

The provision for loan loss reserves for fiscal 2010 was $179.9 million, down from $193 million in fiscal 2009. The net interest margin for the quarter ended September 30 was 3.09%, declining from 3.17% a year earlier. The ROA for fiscal 2010 was 0.89%, improving from 0.33% a year earlier.

Washington Federal is one of the most efficient bank or thrift holding companies in the country, with a (calendar) third-quarter efficiency ratio of 32.19%, according to SNL Financial.

A bank or thrift's efficiency ratio is essentially its noninterest expense divided by its interest and noninterest income. Washington Federal had the second-best efficiency ratio among the largest 100 U.S. bank and thrift holding companies, trailing Hudson City Bancorp ( HCBK) with an efficiency ratio of 22.55%, but ahead of New York Community Bancorp ( NYB) , which had an efficiency ratio of 35.82%.

Balance Sheet

Total assets were $13.5 billion as of September 30, increasing 7% over the previous year. For main subsidiary Washington Federal Savings and Loan, the NPA ratio was 3.72%, increasing from 3.57% a year earlier. The net charge-off ratio for the quarter ended September 30 was a very low 0.25%, and reserves covered 1.08% of total loans as of September 30.

Washington Federal is very strongly capitalized, and the main subsidiary's Tier 1 leverage ratio was 11.67% and the total risk-based capital ratio was 23.39% as of September 30. The holding company's tangible common equity ratio was 11.98% as of September 30, according to SNL Financial.

Stock Ratios

The analyst consensus is for Washington Federal to earn $1.07 a share during fiscal 2011 and $1.43 in fiscal 2012. Based on the fiscal 2012 estimate, the forward P/E is 12.

Analyst Ratings

Out of 13 analysts covering the company, eight rate Washington Federal a buy, while the remaining five analyst shave neutral rating. On Thursday, Howe Barnes Hoefer and Arnett analyst Chris Stulpin initiated his firm's coverage of Washington Federal with a buy rating and $21 price target, saying that the company "is very well capitalized," is "openly looking to acquire a traditional commercial bank to bolster future earnings," and that "a higher premium than current levels for WFSL is justified based on the ability of management to deliver reliable earnings."

3. CVB Financial

Company Profile

Shares of CVB Financial ( CVBF) of Ontario, Calif., closed at $8.42 Thursday, down 1% over the previous year. Based on a quarterly payout of 9 cents, the shares have a dividend yield of 4.28%.

Income Statement

Net earnings allocated to common shareholders for the third quarter were $17.9 million, or 17 cents a share, increasing from $10.5 million, or 10 cents a share, a year earlier, when the company paid $8.8 million in dividends and expenses related to its repayment of $130 million in TARP money.

The third-quarter ROA was 1.06% and the tax-adjusted net interest margin was 4.32%, increasing from 3.75% a year earlier.

Balance Sheet

Total assets were $6.5 billion as of September 30 and the nonperforming assets ratio was 2.86%. The third-quarter net charge-off ratio was a high 3.96%, as the company charged-off $38.6 million in problem loans during the quarter, including $33.8 million that was "due to one large relationship," according to CVB's earnings announcement.

In a report reiterating his outperform rating on CVB Financial, Timothy Coffey of FIG Partners said the "key to 3Q results was the jettison of the company's largest lending relationship and arguably largest headache."

With TARP a distant memory, the company is strongly capitalized with a Tier 1 leverage ratio of 10.21% and a total risk-based capital ratio of 17.72% as of September 30. The tangible common equity ratio was 9.34% according to SNL Financial.

Stock Ratios

The shares trade for 12 times the consensus 2011 earnings estimate of 68 cents a share. The forward P/E drops to 10, based on the 2012 earnings estimate of 84 cents a share.

Analyst Ratings

Out of 14 analysts covering CVB Financial, five rate the shares a buy, eight recommend holding the shares and one analyst recommends selling.

In his October 26 report, Coffey said "Despite the headwinds, CVBF is a strong earner with a decent dividend yield." His target for the shares is $10.00.

2. Wells Fargo

Company Profile

Shares of Wells Fargo ( WFC) of San Francisco closed at $32.15 Thursday, up 15% over the past year.

On Friday, after Wells Fargo and U.S. Bancorp ( USB) lost a court decision voiding two foreclosures, Wells said that the court's ruling didn't "prevent foreclosures on loans in securitizations. The court simply set forth a standard legal process that mortgage servicers must follow in Massachusetts. "

Income Statement

Net income applicable to common stock for the third quarter was $3.2 billion, or 60 cents a share, increasing from $2.9 billion, or 55 cents a share the previous quarter, and $2.6 billion, or 56 cents a share, a year earlier.

The company said that earnings were boosted by a $650 million release in loan loss reserves, but that there was a "$380 million approximate negative impact from changes to Regulation E and related overdraft policy changes," as Wells Fargo adopted the customer "opt-in" requirement for overdraft coverage on ATM and debit card transactions.

The third-quarter ROA was 1.12% and the net interest margin was 4.25%, down slightly from 4.36% a year earlier.

Balance Sheet

Total assets were $1.2 trillion as of September 30 and the nonperforming assets ratio - including loans past due 90 days, nonaccrual loans and repossessed assets - made up 4.12% of total assets, up from 3.55% a year earlier. The third-quarter net charge-off ratio was 2.07% and loan loss reserves covered 2.98% of total loans as of September 30.

Wells Fargo is among the 19 holding companies undergoing another round of government stress tests this month, and in light of its good earnings performance, appears well-positioned to consider a dividend increase over coming quarters. The company's tangible common equity ratio was 6.72% as of September 30, and its Tier 1 common equity ratio was 8.01% as of September 30, according to SNL.

Stock Ratios

The shares trade for 11 times the consensus 2011 earnings estimate of $2.80 a share and an attractive 9 times the 2012 consensus earnings estimate of $3.60 a share.

Analyst Ratings

Out of 26 analysts covering the shares, 18 rate Wells Fargo a buy, five recommend holding the shares and three analysts recommend selling. Marty Mosby of Guggenheim Securities said in an update on January 6 that concern over the real estate loans acquired when the company purchased Wachovia in December 2008 "is becoming minimized," and that in an economic recovery, the company's mortgage banking income will deliver earnings surprises. His target for the shares is $39.00.

1. Wilshire Bancorp

Company Profile

Shares of Wilshire Bancorp ( WIBC) of Los Angeles closed at $7.81, down 6% from the previous year.

Income Statement

Third-quarter net income available to common shareholders was $4.1 million, or 14 cents a share, compared to a net loss of $4.6 million, or 15 cents a share in the third quarter of 2009. The earnings improvement mainly reflected a decline in the provision for loan losses to $18 million in the third quarter from $32 million a year earlier.

The third-quarter net interest margin was 3.93%, increasing slightly from 3.87% in the third quarter of 2009. The ROA was 0.59%.

Balance Sheet

Total assets were $3.2 million as of September 30 and the nonperforming assets ratio was 2.55%. The third-quarter net charge-off ratio was 2.05% and reserves covered 3.82% of total loans as of September 30.

Wilshire Bancorp owes $62.2 million in TARP money. The company's Tier 1 leverage ratio was 10.01% and its total risk-based capital ratio was 15.56% as of September 30. The tangible common equity ratio was 6.28% according to SNL, and was the lowest among this group of 10 companies.

Stock Ratios

The consensus among analysts polled by Thomson Reuters is for Wilshire Bancorp to earn 67 cents a share in 2011 and $1.11 a share in 2012. The forward P/E of 7 based on the 2012 consensus earnings estimate is 7 and the shares trade for 1.1 times tangible book value, both of which are lowest among this group of 10 banks. The cheap pricing for the shares may reflect concerns over an eventual capital raise to repay TARP, and Christ Stulpin of Howe Barnes Hoefer & Arnett said in a report following the company's third-quarter earnings announcement that "capital ratios could be more robust to ease some of his firm's dilution concern0".

Analyst Ratings

One of the six analysts covering Wilshire Bancorp rates the shares a buy, while the other analysts all have neutral ratings.

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-- Written by Philip van Doorn in Jupiter, Fla.

>To see these stocks in action, visit the 10 Western Bank Stocks portfolio on Stockpickr.

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To submit a news tip, send an email to: tips@thestreet.com.

Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.

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