I'd say that CV3's assessment was pretty spot on. I've had decent luck filling cracks with thin super glue and sawdust.
As for the bark, you could try and save it. I'd remove it to the lowest point where it is missing so it's even, then flood thin super glue under it and clamp it. (Maybe wrap it with a bungee cord to apply pressure around the circumference) Not sure if it would work, but if you find a loose spot, maybe drill a very small hole and apply the super glue through it, then fill it with dark sawdust to hide the hole. Or even just run it into any cracks you find. It will seep into the wood and the bark. There is a brand called Starbond which comes with a super fine applicator. I have done bark repairs on a couple of sticks and the result wasn't really noticeable. Even replaced missing bits of bark when I had an off cut with similar coloring.
I'd definitely get rid of that band and replace it with a solid cap or ferrule of some sort. Even something as simple as a copper pipe fitting will protect the end of the stick from moisture and wear.