On the conference call management made it clear that they would not swap preferred for common with the common trading at this level. The bank is well capitalized. I think they would do a swap similar to what FBP is doing if the common is at a much higher level - not 12% adjusted book value.
I don't think a capital raise is in the works. I'm long the common as well as the preferred. The preferred would skyrocket if they raise capital, so I'm not saying it would be a bad thing.