This is Mike Vea, he took $84MM in bailout funds
Mike won’t even pay interest on these funds
Mike’s bank is on the problem bank list
Mike you lost $200MM in 2 years
Mike has $248MM in problem loans
Integra Bank National Association Evansville, IN was founded in 1850. They entered into a consent agreement with the OCC on 5/20/09. The Texas ratio is 129%. This bank took $84MM dollars in government funded TAARP money. They have made only 2 dividend payments and have not made a dividend payment since 8/09.
They have $2.4B in assets with $1.26B in loans, supported by $89MM in equity.
There are $19MM in loans 30-90 days past due, $197MM in non accrual and $49M in OREO. That equates to $248MM in problem loans supported by $89MM in assets.
NI was ($106MM) in FY08, ($101MM) in FY09 and ($110MM) in FY10. At least they keep the losses consistent.
In FY10 they had $68MM in income and $96MM in overhead, that might account for some of the losses. The cost structure seems challenged.
They have eroded the equity from $309MM in FY08 to $89MM in FY10, a 250% decline.
The stock was recently delisted. There are probably not a lot of investors looking for an ROE of (86%). The market CAP is $4MM. They are selling at 4% of book.
Integra, they might want to change the name
Tags: deliquency, insolvent, Non repayment of Gov. bailout funds, problem bank list
January 9, 2012 at 8:12 am |
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January 11, 2012 at 5:00 am |
right on thanks for visiting