The Bank of Southern Connecticut New Haven, CT

The company has $127MM in loans.  It has $14MM in equity unfortunately it has $1.6MM in loans past due and $6MM in non accrual.  The resulting Texas ratio is 40%, not bad.  Besides losing $1MM in FY2010 and $2.3MM in 2009, the $6MM in bad loans could effectively wipe out 50% of their equity

The efficiency ratio is 85%, these guys are a cash flow machine.

The company was founded in 2001, didn’t take long for this management team to run this thing into the ground.  That’s right I forgot, real estate can never go down.

The market cap is $8MM which is probably generous for this thing.

Maybe this stock of junk should be delisted?

The were cited for having negative earnings, asset quality, capital and liquidity.  the only thing they forgot was management.

The company forgot to post a shareholder letter on the website since 2007?  Probably busy fixing the  loan portfolio, can’t blame them.

These savvy financiers forgot to post their quarterly earnings on their website since the first quarter of 2009, guys it’s a little hard to cover  financial results when you are public, duh. Hire Charlie Sheen as the Credit Officer you guys are winning!


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