How could a bank that needs to go to the federal well be trading at 3x tangible book. In my opinion, a company's multiple to book is driven by a combination of the growth of it's book level or a high return on its equity. Their growth is non existant. $10.46 in tangible book for 9/30/2008 is the same level as 12/31/2002. Returns on book, especially for those that take on federal infusions, will be less in the future. Intelligent thoughts welcome?