"SBLF preferred stock has a 5 percent annual base dividend for four-and-a-half years, which then increases to 9 percent annually." There has to be a plan to repay that. You wouldn't go "dark" if you planned to issue more stock. Merger with larger bank looks like the most likely repayment plan.
LOL, now you're calling it a merger? Fat chance.........And with this TARP II albatross, coupled with branch closings, CEO pay through 2018, huge net income drops the last 2 quarters, etc.. not sure who in their right mind would buy this company.