Your posting presents a bleak future. It is as if there is a for sale sign out in front and no takers. I doubt this is the case. Sonoma Valley Bank had a similar business model and as I recall they got about 18 times price earning on their recent sale to Sterling Savings Bank. TMCV is now selling at less than 13 times. I think that US Bank and Zions would also be very interested. I am sure there are others. As to the point you make that he will not sell because of his pay package he is the largest shareholder of the bank with a position of about $14,000,000. He would also have his severence package which is standard of 2 years salary as well as a BOLI program. At age 67 I think he realizes that he cannot do this forever. The loan portfolio is clean. In fact his total losses since the bank opened has only been $3,000,000 which is low for a bank of their size and growth rate. The advance rates are low and no losses should be taken there. The advance rates are also low on the SBA guaranteed portfolios. While there is a risk of not being able to replace these loans after payoffs they can reduce their cost of funds by eliminating higher cost CD's and other borrowings. As most good SBA people work on commission those costs would also be reduced. The reason the stock is rising is that it is undervalued.