• Relative performance really outstanding ... other local banks are cutting dividends, reporting losses, etc.

• Still a lot of untapped potential ... TOWN hasn't figured out how to capitalize on the "membership" concept the way someone like American Express has.

• Need to UNTARP! Look for a private deal soon ... liquidity is starting to free up. Another public offering will take too long.

• After UNTARPing, the Beachgirls will get excited about TowneBank again. Really big annual meeting coming up in Spring 2010.

• Real potential to pick up a busted bank from the FDIC. Could be major catalyst.

• With market down, TOWN has to be looking at good banks to buy also, especially if the TOWN share price increases.

• Look for a COO to be appointed soon. Maybe from an acquired bank. Need to free up Bob to work on acquisitions.

• COO makes TOWN more valuable as an acquisition target ... some buyers want more manager continuity in place.

• Once UN-TARPed, TOWN can buy back stock; raise dividends; etc. Short sellers will leave.