Carroll bank - Shares apparantly offered at half their tangible book value

So i read  that :  Carroll Bancorp, Inc., announced today that on August 12, 2011, got approvals required to commence the Bank’s conversion from a mutual to stock form of organization and Company’s common stock was declared effective by the U.S. Securities and Exchange Commission on August 12, 2011.The Company is offering for sale between 331,500 and 448,500 shares of common stock (subject to a 15% increase to up to 515,775 shares) at a purchase price of $10.00 per share. First priority to depositors of the Bank with a qualifying deposit as of January 31, 2010, second to the Bank’s employee stock ownership plan, third to depositors of the Bank with a qualifying deposit as of June 30, 2011 and fourth, to all other depositors and borrowers of the Bank as of August 4, 2011.  Shares of the Company’s common stock that are not subscribed for in the subscription offering may be offered to members of the general public in a community offering, with preference given first to natural persons residing in Carroll and Howard counties in Maryland. 

Barrons states that USD 10 per share is "HALF" the tangible value of the bank. A little bit of more analysis  might make it a worthwhile buy in the beaten down market for financials where everyone is stuck on the big 5's!