Tangible Book Value stated at $6.04. Should trade at a discount to TBV until common rails derails.
They claim tangible book value is $6.04 now. With no growth prospects at all for 3-4 years, loan defaults increasing at an alarming rate, skyrocketing executive pay, and collapsing earnings, this bank is worth nothing more than TBV. And since you have to hold for 3-4 year for a "possible" return to profitability, the shares should trade at a discount to TBV.
The board of directors should remove Crosby immediately and scrap this moronic "common rails" initiative. If they are not willing to do this, then the entire board of directors should be removed. Directors have a fiduciary responsibility not to destroy the value of the company. They have been destroying shareholder value in FNFG for several years now and should not be allowed to continue to do it.
Why don't customers just use TD Bank or Bank of America if they want mobile banking and all the electronic gizmos? Isn't FNFG just playing catch up when a small bank like this should have been the quickest to adapt?