ABNJ: a long term play (ZT)

American Bancorp of New Jersey, just transfered itself from a mutually owned savings bank into a public trading company. As a result, its current stock is trading slightly above its real book value (no goodwilll stuff involved). If you ever read Peter Lynch's book, you will know that buying any mutually owned savings bank at its IPO price is a great bargain. Currently ABNJ is trading at $10.05 per share (IPO price is $10) which is 13% above its book value. Any profitable bank near its tangible book value is a great acquisition target. There are quite a lot of insider buying activities for this IPO. CEO bought 50k shares, an EVP/Secretary bought 25k shares, CFO bought 5k shares, one director bought 103k shares, etc. Do your own DD. It is your money.