The new shares will dilute considerably and are understandable, given TARP. IMO, a better strategy would be to sell the bank to a stronger partner, maybe Korean, and allow the acquirer to gain synergies and tax loss credits. I think NARA will still be on life supports after the offering. Of course a new owner will may rid layers of management and thus provide less job security to management.

If we look at the S and L crises of years ago, debilitated banks were mergred creating super regionals who feasted on these values.

Sorry NARA, your time is up, IMO. I would thus buy here on the expectation that the directors may have to consider "strategic alternatives" to better realize value than this stock offering.