diqster t1_je86clz wrote on March 30, 2023 at 2:42 AM

There's zero DD in here. It's hopes and dreams. FRC has said they're not selling. FRC employee morale is in the dumps according to the East Bay Times. Bad situation and your boss isn't open to selling? Sounds like a zombie bank. Oh, a zombie bank with a $20b hole in the balance sheet. Nah, I'm betting this one gets wiped out, too.

ggbadrt1 t1_je8fmb6 wrote on March 30, 2023 at 4:05 AM

I’ll leave this here. Note that the 5% haircut assumed in this is pretty dramatic. Losses should be closer to 2% placing book value in the $50s.

https://preview.redd.it/pbui9z6pduqa1.png?width=1848&format=png&auto=webp&v=enabled&s=df69aa33e38178d0eab249e5c3f26a622ad83eea