GTCO: Buy, Sell or Hold? 

Investors pay a premium for a fortress, and Guaranty Trust Holding Company has earned one. Customer loans are just 22% of deposits. The capital ratio was 34.9% in June, more than twice the regulatory minimum. Its return on equity, about 24%, would flatter any bank in London. The group also kept clear of the CBN forbearance that tied up its peers’ dividends. Paying 1.3 times book value for a bank this sound is easy to justify.