Look, the 5% yield would be fine if the share price was gradually increasing over time(not a priority for Board or Mngt).
The re-issue price of approx. $20.00/share --in 2007--is now $12.00 and change you do the math.
I am not sure what you mean by "no credit or interest rate risk" but if your reference is to REIT's than yes I believe you would have had better returns with the mortgage backed securities firms.
Look I am not advocating making a 1million over night, what I am saying this bank located in a superior market was once (before the current tribes people took over--sorry can't help myself--}
a very successful franchise and the pride of many people that invested in it's original IPO.
The investors twice supported this bank by buying up millions of dollars worth of shares,making it possible for the bank to survive in this climate,so what is it that the bank has done for the shareholders?? not very much,the 5% dividend is the equivalent of picking up the crumbs off the floor,when taking in consideration declining stock price.
The shareholders are part owners as such they should expect a reasonable return .If you feel
good about your investment than be happy,from my way of looking at this the shareholders is
being treated as second rate.
It;s time to move on