New York Community Bancorp, Inc. (NYB)

At 1.1 times book value (or approximately 2X tangible book value), New York Community Bank looks like a bargain. I am green thumbing this stock today based on the news that New York Community Bank took over the deposits and assets of Amtrust bank, which failed over the weekend. The acquisition of Amtrust was the shrewdest of a long series of acquisitions. Amtrust has a powerful position with depositors in three important states: Ohio, Florida and Arizona. And Amtrust Bank enjoys high loyalty from its depositors. Amtrust's failure was due to a combination of poor credit controls and the fact that real estate values eroded precipitously in Florida and Arizona. I believe that property values in Florida and Arizona are at or near their bottoms. Ohio real estate ought to hold steady. Known losses in the loan portfolio are being absorbed by Uncle Sam. The bottom line is that New York Community Bank is effortlessly (and risklessly) growing its deposit base from $14 million to $20 million while establishing a powerful presence in Ohio, Florida and Arizona. The only price is a 15% dilution to shareholders as a result of the bank's recent priced $780 million offering of 60 million shares at $13 million per share. The fact that this company posted profits throughout the financial crisis shows that management is extremely capable.