Atlantic Southern Bank Macon, GA

Atlantic Southern Bank Macon, GA was founded in 2001.  They have entered into a cease and desist agreement with the FDIC on 9/11/09.  They were cited for failure of the board to supervise, management policies that were harmful to the bank, inadequate capital,  poor quality loans and operating to produce losses.  The Texas ratio is 500%!  The stock is delisted.

They have $781MM in assets, $561MM in loans and $20MM in equity.

Problem loans are $17MM 30-90 days past due, $9MM over 90 days , with $106MM on non accrual and $73MM in OREO.

The levels of problem loans in relation to equity is staggering.

NI was ($37MM) in FY08, ($18MM) in FY10.

The equity position has been significantly eroded, declining from $98MM in FY08 to $20MM in FY10.  That is a decline of 390%.

Based on the level of problem loans and the levels of equity, they are probably technically insolvent.

They have not posted the FY10 annual report

Tags: deliquency, executives paid despite non payment of bailout fund, FDIC Bankrupt, insolvent, problem bank list, real estate