Builders Bank Chicago, IL

The Builders Bank Chicago, IL was founded in 1997.  They have Texas ratio of 297%.  On 5/27/10 they entered into a consent agreement with the FDIC and have the distinction of being on the “problem bank list”.  The portfolio consists on 100% commercial real estate.

They have $306MM in assets with $177MM in loans.  Equity is $23MM.

Here is the executive board room.  Where are the executives?

Loans that are 30-9 past due are $6MM, $67MM are on non accrual with OREO of $56MM.  That equates to 73% of the portfolio that is past due.

So, they have $73MM in problem loans with $23MM in equity.

This bank is insolvent!

NI was ($3MM) in FY08. ($25MM) in FY09 and ($5MM) in FY10.

They lost another $2.3MM in Q2, eroding the equity position to $21MM.

They eroded the capital base from $54MM in FY08 to $23MM in FY10, that is 135% in 3 years.

This place is bankrupt.

Why isn’t this place closed down?

It didn’t take the management team long to wipe this place out.

I guess this group doesn’t understand the meaning of diversification.

The only thing this bank builds is a portfolio of bad loans.

For some reason they forgot to put the financial statements on the website?

Check out the website, they won’t tell you who the management team is.

Mitchell Saywitz is the CEO, he has done an admirable in wiping this place out.

Do you have money in this bank?

This is one of the worst banks in the country.

You might want to change banks

Builders bank, these guy built one F$$??? abortion


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2 Responses to “Builders Bank Chicago, IL”

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