This is the most well-run banking operation and one of the best bank stocks in the United States. I own these shares and I will be buying more. There are not many times when you get to buy something like this at book value. The investment portfolio is a thing of beauty- nearly 100% Treasuries with an average maturity of 1.8 years.

The lack of leverage, excellent owner-management, NO STOCK OPTIONS, and underwriting prowess are lovely.