Well Fred, he's just cleaning up the neighborhood. Trying to make it as attractive and safe for a mate as possible. After all it IS his neighborhood.
In Michigan, martins sleep in housing starting the first night they arrive at the colony. I know this for certain from watching my gourd cams. Martins also sleep in fairly late in Michigan because of our cool mornings with no insect activity. If he was at your site at 7 AM, then he likely slept in your housing. He is also vocalizing and defending his territory. I believe there is an excellent chance he is staying.
OK. It is possible that he's bonded to a different site that has not yet been opened for the season. Our weather is unseasonably warm with perfect south winds for migration and I have the most martins here I've ever seen in mid-April. (Remember last season? We had a major snow storm around April 20!) So, perhaps his regular landlord hasn't figured out that it's time to open housing and he's waiting for that to happen. But my money is on him staying with you.
Aluminum bands are almost impossible to read with any scope. You can spend your entire weekend trying to pick up a character at a time. One of the bands is the USGS band and it's got a lot of stuff you don't need to read; it's also has a string that uniquely identifies your bird.
Read the info at the Bird Banding Laboratory, including the link "All About Bird Bands":
http://www.pwrc.usgs.gov/bbl/
You are welcome to borrow my scope.
Good luck to you and your warrior,
Mary