Stock Offering Update:
In a filing on Friday, UBT has increased the number of shares it's offering from 5 Million Shares to 7 Million Shares.
It looks like what happened is this: The bank needs $20M in additional capital. The current market share is around $3 per share. Therefore the number of shares they must sell just increased to 7 Million.
It also says that there is not much demand for shares in our bank, which shouldn't be too surprising.
Assuming they are able to sell the 7 Million shares, our current position just got more diluted.