First Trade Union Bank Boston Massachusetts

Hold on, this is Paul Bolger

                                                                                     This is the guy who was instrumental in bankrupting Sovereign Bank

First Trade Union Bank, Boston, MA has entered into a Supervisory agreement with the OTS on 1/7/2010.  They were cited for having insufficient capital , making high risk loan, insufficient underwriting and portfolio management among other things.  Wow, if those clowns at the OTS can catch you, this management team mus be completely incompetent!  They had another Supervisory Agreement in 1991, these guys are savvy.

The company has assets of $614MM, their Texas ratio is 23%, one of the highest in the state.  Net Operating income was ($5MM) in FY10.

They have $53MM in capital.  Problem loans consist of $5MM in 60-90 days past due, $16.7MM on non-accrual and $12.5 in foreclosure.  They are making a good effort at eroding their capital base, wonder why the OTS though they had insufficient capital?

The efficiency ratio is 69%, not stellar.

The report stated that they had negative: asset quality, capital and liquidity.

They forgot to post their FYE2010 annual report on their website, could that have something to do with the $5MM loss?

Do you have money in this place?

Hire Whitey Bolger, at least he knows how to make money.

                                                                                                                 Might want to go with this Bulger


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2 Responses to “First Trade Union Bank Boston Massachusetts”

  1. Roberto Sause Says:

    Very interesting points you have noted, thanks for putting up.

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