Plantation Island Bank Pawley’s Island, SC

Plantation Island Bank Pawleys Island SC was founded in 1986. It has a  Texas ratio of 221%.  They have entered into cease and desist agreement with the OTC on 6/13/10, for among other things inadequate capital, inadequate earnings, with excessive concentrations in land loans, HELOCS and non mortgages.

They have assets of $628M, with loans of $437MM and equity of $24MM.

Problem loans consist of $26MM that are 30-90 days past due, with $44MM on non accrual, OREO is $25MM.  That means, $95MM in problem debt, is supported by $24MM in equity.

NI was ($14MM) in FY10.  Equity eroded from $52MM in FY08 to $24 FY10, a decline of 117%.

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