Ameris Bankcorp Moultrie Georgia

This Edwin Hortman, he took $52MM in bailout money

Edwin your bank lost $44MM over the last 3 years, how are you to pay back the $52MM?

Edwin you have like $350MM in problem loans

Edwin makes $650k a year

Ameris Bancorp Moultrie, GA was founded in 1971. It took $52MM in taxpayer bailout funding, which it has made no effort to repay.

The company has $3B in assets, with $1.9B in debt, with $303MM in equity.

Problem loans are staggering.  There are $13MM that are 30-90 days past due, with $320MM on non accrual and $110MM in OREO.  Feel comforted by the fact that they have $34MM in loan loss reserves, that should cover it?

Net income was ($2MM) in FY08, ($40MM) in FY09 and ($2MM) in FY10.

If you backed out the $52MM taxpayer loan from the equity position, equity would be $252MM which wouldn’t even cover the non accrual loans.

This place looks pretty insolvent, how are they going to pay the tax payer funding?  They are probably using these funds to pay the dividend.

How come they are not on the problem bank list?

Rest assure, the executives are well compensated for running this place into the ground.

The following is the executive compensation.

Edwin Hortman  $656K

Dennis Zember    $363K

Andrew Cleney   $311K

Marc Bogan           $253K

Jon Edwards        $212K

Johnson Hipp     $292K

The market capitalization is $236MM.

This team gets paid well for stealing $52MM of tax payer money and not paying it back!

Do you have money in this bank? They took your tax payer money and your not getting it back.

Tags: executives paid despite non payment of bailout fund, insolvent, Non repayment of Gov. bailout funds, real estate