with respect to where VIST trades, jkwelli failed to mention the most pertinent percent - the 4.5% tangible common equity to assets - aka tier 1 common ratio.
they are undoubtedly under regulator's thumb to raise to 7% or 8%
which would mean the offering is being imposed as a means to raise capital.
VIST is in the position of being a beggar to the capital markets and although the load of goodwill on the books for insurance agency may one day translate to tangible-book (assuming sale), at this time insurance performance is lackluster.
Stifel Nicolaus is one of the book-runners - which generally means they are trying to peddle this to retail (and anyone reading will be able to participate).
Good earnings, these guys make a ton of cash, once provisions are done, and they are near done, and the acquisition expenses are now done, they could make $2 a share next year. $1.25 if they do this offering at the max.
We shall see what happens, this stock is cheaper than anything out there, if there is one cheaper, post it.
No, there's not a stock that's cheaper and probably for obvious reasons. As I've said before, I'm hopeing that someone buys a controlling interest in the bank and makes some much needed management changes. That's the only way VIST will be able to deliver enhanced value to their shareholders.