This could be Karen Thorne
North Middlesex Federal Savings Bank was founded in 1885. It is rated as 1 on a scale of 1-5, giving it the lowest rating on the banking scale. It was rated as having negative earnings and negative levels of capital.
The company has $336M in assets. Earnings were very weak in FY10, net operating income was ($6.8MM), it lost another $1.6MM in FY08. The efficiency ratio for the firm was terrible at 85%, this might have something to do with a company this small having 23 officer’s and 7 seven branches. Cost containment might be a wise decision for this ineffectual management team.
The Texas ratio was 31%, which is one of the worst in Massachusetts.
The bank has $26MM in equity, not much for being in business 126 years. They have $9MM in problem loans which, potentially could wipe out significantly levels of the already weak capital base.
They forgot to include the income statement in their annual report, this might have something to do with negative net operating income of 6.8MM, shocking!
Do you have money in this bank because the FDIC is bankrupt.
Tags: deliquency, FDIC Bankrupt
Capital2risk 
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