Anybody in Renton?

This is a hard deal to figure.

Full conversion—decent size at $200 million.

Priced OK (82% book)

$750 million deposits in one branch (70% of deposits are cds. High yield money markets are 27% of accounts. 61% are cds with balances over 100k. avg cd balance is $500K.)

Concentrated credit risk in lending.

$100 million in deposits came in after they announced the deal earlier this year.

I figure it opens anywhere from 12-14 (figuring price per tangible book from 1 to 1.2), but it’s a hard one to nail down.

Do the high account balances and low number of total accounts make it a better or worse takeover target?

Any thoughts?