It's sad to see HCBK go. Here is a bank that never dealt in subprime or alt-A loans that were at the center of the financial meltdown. A bank that kept its loans on its balance sheet and did not sell than off to syndicates. A bank that never took TARP or needed it. A bank that was a model of efficiency. The reward for all this is a complete desruction of its business plan by the government by driving interst rates artificially low making interest rate spreads so low that earnings are minimal and all existing customers refinace at low rates to boot. The bank can't even buy loans for its portfolio because Fanny and Freddie take 90% of all loans, mostly the good ones. Here a bank that provided a service to the community for over 100 years and is driven out of business by Mr. Bernake and our government.. If you are looking to blame someone blame the Feds. The community banks in this country are in a death spiral.
As a holder of pre second offering shares, what is the consensus of what the shares will be worth as a result of the second step conversion? What is the strategy now - buy, hold or sell and when? What will be the dividend with the new shares?