That $19.52 of book value is meaningless since over half of it is intangible assets and goodwill. Charge offs and loan losses are still increasing and the bank's allowances are not sufficient to keep pace - that's why they had to reduce the dividend to its current pathetic level and why they can't repay the TARP anytime soon. Before this is over, Reuter will further destroy shareholder value. But I agree that the fact that he has not invested in his company does not mean there is no hope. This bank probably will survive and muddle through despite its subpar management. But why invest here when there are better run banks whose CEOs are compensated based on real performance with substantial personal stakes in their companies. Reuter himself believes there are better investments than his own bank stock and he has wisely profited by not investing in SUSQ during his 8 year tenure.