It's rare that a bank can raise $22 million to pay off TARP and then some. Capital ratio is fine.
What is not fine is that the bank continued to lose money. Year end 2012 CALL report showed $3.2 million loss. SEC 10-Q showed $1.9 million loss by 3Q12. The bank lost another$1.3 million in 4Q12! As new management comes in it's not unusual to record large loss to clean the sleigh for fresh start, I was not sure that operating matrix was that bad. Another look showed that Pretax, preprovision operating income was negative $1.4 million for 2012. This bank would have lost money even if it did not make provision for losses and booked no losses on selling repo's real estate. Still, I am convinced that there maybe things that I missed because It might not have been able to raise $22 million with such poor results.
On the other hand, it lost four directors in two months and the CFO resigned. Not all is well, I am sure.
The bank, selling at book value, offers no discount. I'd pass.