You dont think a 60% dilution to the stock in the comming weeks dont have anything to do with it?
Personly my only reason to be on the stock was I though it wouldnt need to raise capital... So I sold out today for $5 and bought CNB instead, because they were much wiser when they announced reaising capital when their stock was at $9, so new stocks were issued for $8... Count on one thing, new CRBC stock will be issued at $4...
This is sad times... CRBC was a prize stock! Now, it's just as bad as the rest.
IMO, Citizens Republic doesn't need to raise any capital... they're just following the herd. The bank's Tier ! Capital ratio was over 9 as of the last reporting. The board is being overtly conservative at the expense of shareholders.