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Sunday, March 28, 2010

Top Bank stock to buy : The First Bancorp, Inc. ( FNLC )

The First Bancorp, Inc

(Public, NASDAQ:FNLC) 15.44 / Target price 21.75

The First Bancorp, Inc., formerly First National Lincoln Corporation, serves as the parent holding company of The First National Bank of Damariscotta. The Bank emphasizes personal service, and customers are primarily small businesses and individuals for whom the Bank offers a variety of services, including deposit accounts, consumer and commercial and mortgage loans. In addition to providing traditional banking services, the Company provides investment management and private banking services through First Advisors, which is an operating division of the Bank. First Advisors is able to offer an array of private banking, financial planning, investment management and trust services to individuals, businesses, non-profit organizations and municipalities of varying asset size. The Board of Directors of The First Bancorp (NASDAQ: FNLC), today declared a quarterly dividend of 19.5 cents per share. This first-quarter dividend, which is payable April 30, 2010, to shareholders of record as of April 5, 2010, is equal to the 19.5 cents per share declared in the previous six quarters.
“Given the current economic conditions, I am pleased that we are able to maintain our dividend at its current level”
“Given the current economic conditions, I am pleased that we are able to maintain our dividend at its current level,” stated Daniel R. Daigneault, the Company’s President & Chief Executive Officer. “We also feel that the yield of our dividend is very attractive given the current low level of interest rates. The quarterly dividend of 19.5 cents per share translates into an annual dividend of 78.0 cents per share, and based on Tuesday’s closing price of $14.95 per share, this results in a current dividend yield of 5.22% annually.”
The First Bancorp, headquartered in Damariscotta, Maine, is the holding company for The First, N.A. Founded in 1864, The First is an independent community bank serving Mid-Coast and Down East Maine with 14 offices in Lincoln, Knox, Hancock and Washington Counties. The Bank provides a full range of consumer and commercial banking products and services. First Advisors, a division of The First, provides investment advisory, private banking and trust services from two offices in Lincoln and Hancock Counties.
Forward-looking and cautionary statements: except for the historical information and discussions contained herein, statements contained in this release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.The dividend yield on this conservatively run bank is 4.9+. It has averaged 3ish over the last ten years. It is located in an area of Maine that is attracting wealthy retirees and has an excellent management team. The stock is thinly traded. This is not for flippers. Priced for value, this one is selling for less than 2 times book. Divident rate at the current price per share is nearly 5%. ROE is nearly 12%.good increasing dividend plus stock repurchase plan.

I definitely like this one for the next couple of years.Remember i also like C,BAC,JPM for the long term play ........

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