No doubt about it, says money manager William Astrop, the bull market in technology stocks ''will be long-running.'' But he isn't loading up on tech issues. An ''offbeat way to play the tech upswing,'' he says, is through SJNB Financial (SJNB), a community bank in San Jose, Calif. Astrop thinks that ''as technology goes, so will SJNB.'' A booming Silicon Valley will enhance SJNB's allure as a takeover target, argues Astrop, who runs Astrop Advisory in Atlanta.

From its single headquarters location, the bank serves prosperous San Jose and nearby Santa Clara. San Jose, now California's third-largest city, has seen its land prices more than double in the past year.

''In a takeover deal, SJNB would fetch a price in the mid-40s,'' says Astrop. Some banks have sold at three times their book value. He estimates SJNB's book at $13. SJNB competes with three independent banks: Silicon Valley Bank, Heritage Bank of Commerce, and Cupertino National Bank. Any of them, or one of the big banks, figures Astrop, could be a potential buyer.

Even without a deal, Astrop thinks ''the stock will double in two to three years.'' The total assets of SJNB--$321 million--should grow at 20% for a number of years, he says. Also, the bank has a minuscule share of nonperforming assets (0.2% vs. the typical 2.5% to 3%), adds Astrop.