At the end of trading today, First Sound Bank (OTC: FSWA) saw one of the biggest gains in recent memory, surging an enormous 540%. This gain saw the stock raise by $0.14, moving it from a modest $0.02 to a more impressive $0.16. Interestingly, this is not the first time First Sound Bank has seen such staggering gains.
On May 31, 2012, the company was sitting at a meager $0.02. A day later, on June 1, 2012, the company surged to $0.12. The company remained at and around $0.12 for a few weeks, before plunging once again into the depths of penny stock despair. At the end of trading on June 15, 2012, the company saw its stock once again fall close to $0.02.
First Sound Bank has headquarters in Seattle, Washington. The bank was founded by a team of local bankers who created the company around the motto of “personalization”. To put it another way, First Sound Bank is a bank that is committed to delivering personalized services, convenient access and competitive rates to support the needs of a community. In 2004, First Sound Bank was charted by the State of Washington with the largest initial capital base in the region. The bank now caters to small and medium-sized businesses.
The May-to-June fiasco seemed to many as a blip on the radar, a weird rising and falling of a typically stagnant stock. However, the same kind of swing occurred again in July and August. On July 30, 2012, the company’s stock sat at $0.025, a number it had maintained for quite some time. A day later, on July 31, 2012, the stock once again reached for the stars, surging to $0.16. It remained at the plateau of $0.16 until August 13, 2012, when it dramatically dropped once again to $0.02.
This sine wave-like behavior of First Sound Bank has many analysts scratching their heads. On one hand, such irrational behavior may be a direct consequence of the current state of the global economy. Some days the world looks to be getting fiscally better, while on other days it appears to be on the verge of another economic calamity. In other words, it is no surprise that a banking penny stock is subject to such extreme advances and declines.
www.stockreads.com has gone as far as to state that it is nearly impossible to predict the behavior of a banking penny stock. This has been backed up numerous times by analysts at Reuters, as well as the New York Times. With an air of dissonance still resonating with the public when it comes to the perception of the banking system, it is hard to rationalize any kind of stability – especially when it comes to the stock market. One pang of uncertainty can send thousands of bipolar stock brokers hastily to the trading desks. When it comes to banking stocks, it is best to remain patient.
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