Nearly three months after putting its Blue Healthcare Bank operation on the block, the Blue Cross Blue Shield Association was still looking for takers in December.

Maybe it's a sign the struggling institution has little to offer a buyer. At the end of September, the specialty consumer-directed healthcare bank's deposit base had fallen to $24 million, far below the 2010 target of $500 million bank president Robert Gross set shortly after the bank opened in 2007. "To sell the bank itself, it's not worth a whole lot," says Celent senior analyst Red Gillen.

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