Well it used to be a community bank and very popular in post Katrina reconstruction efforts in the region. Then got involved with some oil extraction and perhaps refinery businesses and other small biz activities. Apparently did benefit from the bank bailout of 08-09 and hence the Treasury ordeal. Not a very well managed bank in terms of risk assessment and actuarial considerations and hence getting into trouble with so many toxic assets at the end of its life. What they plan to do moving forward is everybody's guess. Even staying local is still unknown. so one may think that the past history might even be totally irrelevant here. this is exactly why I insisted in us gathering as much info as we can to come up with an informed guess as what is going to happen with the new investors. Things are evolving with glacial speed but let's hope for a faster turn around from here. I also suspect there might be insiders here in the forum or at least those who drop by time to time so it is not obvious as how safe this venue might be for discussion and open dialogue ;-)
Not sure how long it is going to take before we get a PR about the next steps. My expectation is that they will change the ticker and trade publicly. The potential here is huge with 147 million in tax credit and 350+ mm in NOL. Hope the PPS after the reorganization will comfortably be in dollar land. Let us keep the fingers crossed for the best outcome for the shareholders.
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