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Stock repurchases at a discount to tangible book value at a thrift conversion? It's one of the top signs a management team can show you that it's looking out for shareholders' best interests. Buybacks are an even better sign when execs make them of their own free will and don't have an activist investor starting a campaign if they're not seeing any action.

And that's what we have at FFBW (NASDAQ:FFBW), a recently converted Milwaukee-area thrift that's executing one of the fastest buybacks I've ever seen. Even with mediocre returns on equity, this massively overcapitalized bank could return investors around 50% over the next 12 to 18 months, with a reasonable chance of being acquired toward the end of that period.

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