Norstates Bank on the ropes?

[Frankzilch]

I've been keeping an eye on various local stock prices, and I noticed that as of 11:00 am this morning, Norstates Bank (Formerly Bank of Waukegan) has seen its price drop like a rock over the last 12 months from a little over $22 a share, to just under $2 a share.

Seems Norstates decided to try to get a piece of the TARP pie, and gave the US Treasury a chunk of Preferred Stock (Which never existed until TARP was created). There are strings attached to this 'pie' (which are plentiful and do not benefit those common stock investors) and it looks like those who were long-time stockholders are getting out while the getting is good.

In your opinion how does that impact Waukegan since Fred Abdula, CEO of Norstates, is a good old boy?