I unwrapped the banana tree. It is still stiff, which I think is a good sign. I pulled back some of the top and it was very wet inside.
Not sure how it will do, but I am thinking that maybe it needed some air. For this winter I may make a wire cage or drill holes in a very large pvc pipe to keep the foam away from the tree.
I still remain optimistic. I am hoping for a larger tree and of course bananas!