Benj GallanderSun Bancorp (NJ)SNBCDON'T BUYMay 31, 2012

(A Top Pick March 16/11. Up 0.91%.) New Jersey regional bank. Originally liked because of the lack of exposure to consumer real estate but more to the hospitality industry. Turns out those loans also had nasty write-downs. Now making good progress on getting bad loans off the books. Commercial lending has improved. Well capitalized.

This company has taken one hit after another. Has lost a lot of money over the last few years. Likes US financials but he would like to see it have more earnings. If it takes off, it could go a long way.

Was doing nicely until a few days ago. Was rocked by the fact they are going out to look for more capital again. Price is really beaten up to an attractive entry point.