Book Value is $15.04 but it keeps declining around .06 per quarter. So positives and negatives here when looking at the current stock price. If the company can't get things going then they should sell out.
The best feature of this company is its cash hoard of almost $4 billion. It won't be able to pull out of the downtrend until management does something. It's kind of ironic that this is a very safe company that can't grow!
Okay if other deals go for 1.5 - 2 times tangible book of $ 9.80 there would need to be an adjustment down for the excess capital. The so called franchise value is what the buyer is paying for, not excess capital held in cash.