I read on the Dow Jones Newswire the Treasury is going to auction off the preferred shares they own in CLBH. This is a good thing, as it will allow CLBH to repurchase the options that would be dilutive to the company's common shareholders before they pay off all of TARP. That has been a kicker for the small banks that took TARP is that they couldn't repurchase the options until they had repurchased and retired ALL of the preferred shares. The Treasury doesn't include the options in these auctions.
Another bank I follow was included in an auction and in my research of the prospectus found that the options were not part of the auction
The warrants outstanding are 357,675 shares with an exercise price of $6.71. And as share price continues to increase, obviously the more costly to redeem them. So the sooner the better at the current stock price trajectory.