1.5 x book value. That is very cheap for a niche bank with 2.7% ROA and 12% ROE. The balance sheet would allow leverage of earnings to $3/shr without any additional capital. That would be an ROA of 3.1% and an ROE of 20%. At those returns, they could sell the bank for 3x BV or $50/shr. There is a lot of upside again since the price decline. Some money manager got fired and the new manager is just blowing out the position. It will end at some point and then back to $27. Note that the KRE bank stock fund is selling at 2.1 x tangible BV and 1.5x stated book value. We should be at premium to that.