CEO Holly stated at the annual meeting regarding the proposal that would enable them to issue additional shares that there was no need for it nor any plans to issue the stock. He said the bank had gotten along for 30 years without it and it was not a big deal if it did not get approved. But then he postponed the meeting 3 times to continue to solicit votes for the proposal that was not needed. Three months later they are closing the deal to issue the stock and dilute the shareholders 20%

In November 2008 Holly was quoted in media saying the bank did not need TARP money because it was the bank was so well capitalized and performing well. A few weeks later they were cutting the dividend 40%.

How do you say credibiity?