Banner Bank vs Cowlitz

Has the world gone mad, or, is it deja vu all over again?

Cowlitz is subject to a Consent Order and threatened with delisting.  How does the stock react?

It goes from $1.50 to over $6.50.  I've said it before and I'll say it again.  Why would any white knight come into save the bank when they can buy the property/note from the FDIC/takeout bank for much less than book.  I think I've seen this movie before with Frontier Financial.

From $2.50 to over $7.50.  Oops!  No white knight...taken under by the FDIC...down to $.35.  CWLZ deserves no higher price than Frontier ended up with.

In the meantime, a respectable bank like Banner does a share offering to shore up its capital base and stay in the game.  How does the market like that?  Obvious dilution of the shares outstanding, but there not in any immediate danger of a FDIC takeunder.

At least it's still trading near it's secondary offering price of $2.00. 

Has the world gone mad?  Banks on the verge of being taken under see their shares soar, sounder Banks acting responsible get no credit.