UPDATE: Sterne Agee Initiates Laporte Bancorp at Buy on Valuation

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Sterne Agee initiated coverage on Laporte Bancorp (NASDAQ: LPSB) with a Buy rating and an $11 price target. Sterne Agee noted, "We are positive on shares of LaPorte Bancorp, trading at 72% of tangible book value. We believe this small-cap, Indiana conversion will out-earn similarly sized, in-market peers and should be valued compared to more profitable, overcapitalized conversions trading at 106% of tangible book value, in our opinion. The primary driver of profitability is the company's mortgage warehouse business which should continue to significantly contribute to earnings through 2014."Laporte Bancorp closed at $8.58 on Wednesday.

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