Those 880K share suppose to go to the open mkt. have already been spoken for... they're gone, so dilution may or may not show up unless someone bought a lot of them and will now turn them over to gain a quick profit. ( logical move for a profit taker, very smart calculation IMO ).
That would be the logical move but if it doesn't happen ( average action of plus 10 or 20K daily sells ); then hold unto your shares cause something must be antisipated via the lg. buyers / and insiders bought a lot also to enhance their position.. ( Positive outlook - IMO ).
I'm guessing going to the NAZ is coming soon , and either some move towards buying up some floundering bank - or - loans to the mass developing going on in the area like VM steel, BAARD gasification plant, others being discussed in the local area.
We'll know within a few month I'm hoping. Till then look for Q. report and Div. payout.
"Other opinions are welcome since I'm sure there are others out there trying to put together what is going on for our holdings in FMNB".