Back in April of last year, I wrote about NSTS Bancorp, a small mutual thrift that I believed was highly likely to be acquired. At the time NSTS Bancorp’s stock was trading at $11.59 per share. You can read the article here: North Shore Trust: A Microcap Thrift Bank that Could Be an Acquisition Target.
About one year later in May 2026, NSTS Bancorp announced it was being acquired for $14.28 per share by Brookfield Bancshares. This was less than my projections, but investors still would have made roughly 23% in a year. NSTS Bancorp didn’t get as high of a multiple as many regional banks get because it was overly capitalized (high equity to assets ratio) and was unprofitable.
I wrote about mutual thrift conversions earlier this year and how they are still an overlooked corner of the market.
Today, I wanted to discuss two more regional banks that I believe are strong acquisition targets. My projected upside on both banks is 30 - 50% over the next 2 - 3 years.
Let’s take a look.
