Central Progressive Bank Lacombe, LA

Central Progressive Bank was founded in 1967.  They have a cease and desist order from the FDIC in 2007 and 2009.  The Texas ratio is 269%. “Progressive”, they are progressing into insolvency.

The assets are $421MM, with loans of $239M and equity of $2MM.

There are $1,231M in loans at 30-90 days past due, $36MM are on non accrual and OREO is $85MM.  That equates to 50% of the portfolio.

NOI was  FY08 ($32MM), FY09 ($2MM) and FY10 ($5MM).

This place is bankrupt, they lost $19MM in Q3 2011, wiping out 950% of the equity in 90 days.

The remaining equity is $2MM.

This bank is bankrupt.

Progressive is the operative word.

Progressing toward insolvency.

They do have an impressive display of OREO properties for sale.

Looking for swamp land near the Mississippi?

This place likes to finance vacant land.

For some reason they won’t tell you who the management team is?

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