CART got in a bit of trouble when it's only $200 million in size, i.e., before healthy income stream. The resultant secondary share offering was unfortunate for the original shareholders. The bank claims $22 million equity, but it included $4 million in TARP debt. Over 2.84 million shares, book value is $6.6 per share. Earning power probably won't improve until the bank grows to size, overhead will be high until it can be shared by a larger asset base. That would be a few years away at the least. One may be lured by the discount from book and that credit quality started to improve. IMO the discount is somewhat justified by its low return.