Third Avenue Management Becomes 5% Owner of Slavie Federal Savings Bank


After reporting a purchase of 132,775 shares at the end of this year's third quarter, Third Avenue Management positions its ownership of Slavie Federal Savings Bank ( SFBI ) at 5 percent.

Slavie Federal became a mutual holding company in Dec. 2004 after about 100 years of being a mutually owned institution. Headquartered in Maryland, it offers a variety of financial services including lending options, retirement planning and investment advice.

When it was first introduced to the stock market, Slave Federal traded at $10 per share, with 45 percent of its outstanding common stock issued for its depositors and employee stock owners, and the remaining 55 percent to its mutual holding parent company, SFSB Inc.

Currently, it trades at $0.92 per share, with a market cap of $2.44 million.

Its second quarter results indicate a decrease in net interest income and an increase in loan loss provision. Within the three months, Slavie's net interest income came up to $1 million, compared to the $1.3 million in the same quarter last year. At the same time, its loan loss provision rose to 1.2 million in for this year's second quarter, a major jump compared to last year's $227,000 for the same quarter.

Out of the 109 stocks in Third Avenue Management 's portfolio, financial stocks make up the majority.

In addition to Slavie Federal, Third Avenue is 4.8 percent owner of agriculture equipment manufacturer Alamo Group Inc. ( ALG ), 7 percent owner of manufactured housing producer Cavco Industries Inc. ( CVCO ) and 4.5 percent owner of home furnishings retailer Haverty Furniture Companies Inc. ( HVT ).

Third Avenue Management was first added to the GuruFocus database in Nov. 2007. To read more about Third Avenue Management 's investment philosophy, visit New Guru Added: Third Avenue Management.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

This article appears in: Investing

Referenced Stocks: ALG , CVCO , HVT , SFBI



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