Sun First Bank St. George UT

Sun First Bank St George, Utah was founded in 2001. The Texas ratio is 161%,  the  highest in Utah.  It entered consent agreement with the FDIC on 5/11/10.  They were cited for inadequate capital, management, loan quality and earnings,  It looks like they have high levels of CRE.

They have $224M in assets, loans of $134M and equity of $18MM.

Problem loans are $30MM, with $22MM on non accrual and $18MM in OREO.

With $30MM in problem loans and $18MM in equity, this place is bankrupt.

Why isn’t this place closed down?

NI was ($8MM) in FY09 and ($9MM) in FY10.  This allowed them to erode the capital base from $26MM in FY08 down to $10MM in FY10,  that is a loss of 86%.

They lost another $1MM in Q1 2011.

Sun First, destroy the company second.

Inadequate management! Shocking

John Allen, the CEO did wiped this place out in record time. How about locking this guy up.

Check out the vacant land they have for sale.  Who in their right mine finances vacant land?

Apparently, John Allen does.

Is this your bank?

Do you keep money in this bankrupt disaster?


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