Vision Bank Panama City, Florida

Vision Bank Panama City, Florida was founded in 1926.  The company has a staggering Texas ratio of 101%.  For some reason the company is not on the problem bank list.

The company has assets of $809MM with equity of $126MM.

The problem loan situation is amazing.  They have $187MM in problem loans.

They had the vision to finance a lot (no pun intended) of vacant lots.

That equates to $187M bad loans with $126MM in equity.

This place is bankrupt.

The earnings are equally as impressive with net income of ($29MM) in FY10, ($30MM) in FY09 and ($81MM) in FY08.  They lost another $11MM pretax in Q1, stellar performance.

Take a look, they lost another $20MM in Q2 2011.

At least the executives were well paid.

Daniel DeLander   made  $1MM

David Trautman      made $689K

John Kozak               made $513K

It is a good thing they are not paid for performance!

So Daniel Deflander makes a $1MM to lose  $140MM , run up $224MM in bad loans and bankrupt an  85 year old company. This guy is legal.

David Tautman, fired

John Kozak

For some reason they don’t like to put the financial statements on the website, I guess when you are bankrupt, that is not a bad idea

Is this your bank?

They should be wiped out by year end.

This management team is incompetent

Vision Bank? The executives have the vision to take as much money as they can before they bankrupt this place.

Tags: FDIC Bankrupt, insolvent, problem bank list, real estate