B Amery, you bank is looking insolvent
Oconee State Bank Watkinsville Georgia was founded in 1960. The company is on the problem bank list for incompetent commercial real estate lending. That could be why the Texas ratio is 85%.
Assets are $274MM with equity of $22MM.
The problem loan portfolio is $26MM, with $16.8MM on non accrual.
Hold on, they $26MM in bad loans and $22MM in equity, this means they are insolvent.
Do you think this disaster should probably be closed down?
At least the executives are going to pay themselves well, to run this thing into the ground.
Jerry Wasey made $159k
Tom Wilson made $157k
That is good pay for destroying a 51 year bank .
Do you have money in this debacle?
Their motto is “count on us”. Count on you, judging from the problem loan portfolio, it is pretty obvious you guys can’t count.