Based on your PPS estimate, does management have an obligation to maximize SHAREHOLDER value? The bank has made it pretty clear it will not allow itself to be acquired, so this leaves acquisition and new depositors as the two areas for growth. Depositors doesn't get anyone to the red zone, so hopefully these guys will loosen the purse strings and purchase another bank.
I think their last purchase was Summit Bank in FtW. there are plenty of areas in Texas they can expand...east Texas for one obvious choice. And it looks as if with their last 2 puchases they are moving a bit away from strictly banking.