Barnes is a backroom operations guy. He is not a visionary and certainly not a business development person. He has loaded the Board with all of his redneck cronies. They are a Bridgeport based bank in name only. Several of the executives live in luxury condo suites at the bank's expense. They commute to their real homes on the weekends.
The old Board let this happen. They sure as hell didn't represent the Shareholders.
It's the institutional shareholders that need to wake up. If you own a mutual fund or have retirement interest in a pension fund that holds this stock, you should let them know of your displeasure with their support for this corrupt management team and Board of Directors. I no longer own the stock, but I had been considering buying it back when it drops to $11.50 or lower. That will likely be very soon if the present trend continues. I'm very concerned about the dividend and can see it being cut drastically if earnings don't improve significantly and quickly. This looks more and more like a Northfork BanCorp situation where the management was more concerned with lining their own pockets than doing the right thing for the shareholders.