Factoring in the 4th quarter projected loss of $ 1.26 and the 2010 loss of $ .90 leaves a book value of $ 1.40. Buying bank stock at 1/4 book value would have been unheard of a few years ago, but today, anything goes. For years financial advisors preached "stay away from penny stocks". You don't hear that anymore. Does anyone have a good reason for buting this stock?
Agree 100% with your sentiment. There very little risk. Book is 3+ factoring everything in. They will be making every effort as stated in the press release to ensure that they are as close to book as possible. Buy and hold and count your moola later. :)