I owned them for a while and have since sold them. I think there will be a clearer picture of what their options are if they can get back to being profitable. They are trading at a fairly large discount and I'm willing to wait a little while before jumping in again. I might not get the biggest gain, but I don't want to end up with a loss either. It has been a lot easier making money on the more 'sure things' like FBS-pa, IBCPO, OSBCP and HGUBP.
Also their common market cap is only $90 million and I think they have aprox. $470 million of preferred outstanding. That might make it difficult for them to do some kind of exchange offer.
Also the majority of the preferred is non cumulative, which is good for the bank, but not so great for the investor. They can stretch this out for quite a while if they just report breakeven earnings.
Just a word of friendly advice. Your investment in FBS-pa has worked very well, but speaking from past experience I wouldn't "bet the farm" again on just one stock. I usually only bet half the farm :-)