Gini, your picture link was of all your photos in your album so I changed it to just show the banana. I have to admit that I've never grown bananas. I've seen them grown in the Amazon in Peru, and from what I see in your picture, it appears that yours could be planted too deep. You also have a large well that will collect alot of water. The yellowed and tattered leaf looks like it is aging, but not really a problem. They hang down when their life is over. I'm concerned that you would only have 2 leaves when that one is gone and it's a year old.
I wish you knew the name of the variety of banana you have. I don't usually refer people to other boards, but in this case I would suggest you ask here for more help. Try the main banana discussion board.
Please let me know what they tell you.