Integra Bank National Association Evansville Indiana Mike Vea took $84,000,000 of tax payer money Mike Vea made $89,000,000 in bad loans Mike Vea won’t even pay interest on the money he stole from the tax payer

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

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Tags: deliquency, insolvent, Non repayment of Gov. bailout funds, problem bank list