If I subtract Tier 2 capital from total equity, and divide by amount of assets, I am getting a ratio of less than 3.5%. Am I right? If so, why haven't they announced a plan to raise capital? In June they said they were going to raise between $20 and $50 million by the end of the year. With a market cap of $5 million, how can this be so?
Also, does anyone else think that the capital ratio was misleading? They had a good ratio of "Average Tier One Capital to total Assets," but I am certain that the big right down happened on the last day of the quarter, skewing the numbers.
Am I alone in thinking that this bank is in a bad capital position? Dare I say, dangerous capital position?
Also, not one change in any management or board of directors for 4 years. Any other bank lose about 10% of its worth in nine months, and still have same management? Do they even have meetings?