I have been writing NCC options recently (to take advantage of the tremendous volatility) and a few years ago owned the stock briefly.
Charlie as I am sure you know there is a real chance that NCC might fail, if the Ohio real estate market continues to worsen. I'd be interested in Brewer's comments also, but I think it would be worth while to look at Country Wide and IndyMac bonds and preferred to get an idea what your stock maybe worth in the event NCC goes under.
I've been looking at a similar security from a far more secure bank. JP Morgan (JPM-Z) preferred 8% coupon until 2013 than switches to 3 month LIBOR + 4.12% it is currently trading a bit over par ~$26, so current yield is around 7.7% Obviously a big difference in current yield and YTM. If the credit market returns to normal the NCC preferred has 220 basis advantage on the other hand I prefer JP Morgan's balance sheet to NCC's