Parsad Posted October 6, 2009 Share Posted October 6, 2009 For those that remember the Bank of Granite, hard times have come along. Cheers! http://finance.yahoo.com/news/Bank-of-Granite-Signs-Order-iw-3439832419.html?x=0&.v=1 Link to comment Share on other sites More sharing options...
arbitragr Posted October 7, 2009 Share Posted October 7, 2009 More like the best bank run in america Link to comment Share on other sites More sharing options...
ragnarisapirate Posted October 7, 2009 Share Posted October 7, 2009 Sanjeev, Do you remember when Buffett said this? do you have a link? It would certainly be interesting to look at all of their 10Ks from a few years before he said that, then look to see what happened (and how the language in the reports changed) since that time. Link to comment Share on other sites More sharing options...
Parsad Posted October 7, 2009 Author Share Posted October 7, 2009 I believe it was in the late 90's. John Forlines used to be in charge. He's still the largest shareholder, but gave up the CEO position many years ago. Remember, a long string of successes multiplied by a zero is zero. Cheers! http://www.bankofgranite.com/page/81/90-remarkable-years.html Link to comment Share on other sites More sharing options...
ERICOPOLY Posted October 7, 2009 Share Posted October 7, 2009 Thanks for posting this. I have been reading The Davis Dynasty recently. That book had a story about Shelby Davis getting a tip from the man himself in 1974. Ben Graham told Shelby to buy GEICO. It was Graham's largest holding, and I think it was a very significant amount of his personal net worth at the time. Shelby Davis did not buy any. Two years later GEICO was a $2 stock and only survived because Buffett revived it with capital. So, the story goes that if you have all your eggs in your basket you should watch it very closely. Apparently, even the directors at GEICO were not aware of the problems. So much for that strategy. Link to comment Share on other sites More sharing options...
Guest dealraker Posted October 7, 2009 Share Posted October 7, 2009 The Bank of Granite! Ah! It was run by John Forlines and was literally THE BANK OF GRANITE! He retired in his 80's and is still healthy as hell and bee boppin' around like a 20 year old. Unfortunately his long time President Charles Snipes (who was in his late 60's or early 70's when he took over) ran the damn thing straight into the ground within a couple of years. Management is everything isn't it? The only thing I find interesting about this is that Forlines is still a huge shareholder (ain't worth much now) and I can't help but wonder why he's not said anything or gotten involved in some way. But at his age he's probably just completely over it all. Link to comment Share on other sites More sharing options...
redwood Posted October 7, 2009 Share Posted October 7, 2009 more reading for this bank.... http://www.bankdirector.com/issues/articles.pl?article_id=11589 Link to comment Share on other sites More sharing options...
Rabbitisrich Posted October 13, 2009 Share Posted October 13, 2009 AIG, Bank of Granite, Geico--you can be sure that Buffett appreciates the value of a good successor! Link to comment Share on other sites More sharing options...
ragnarisapirate Posted October 13, 2009 Share Posted October 13, 2009 more reading for this bank.... http://www.bankdirector.com/issues/articles.pl?article_id=11589 THANKS for that link. I am super stoked to read my way through all of the back issues! Link to comment Share on other sites More sharing options...
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