Colorado Business Bank Denver Colorado

That is Steven Bangert on the left, he took $64MM in TAARP

Steven you lost $110MM in the last 2 years, how are you going to pay back $64MM?

Steven makes $1MM a year

Colorado Business Bank Bank, Denver CO was founded in 1978.  They took $64MM in tax payer bailout funding which they have neglected to pay back.  The Texas ratio is 17%.

The company has $2.5B in assets, $1.5B in loans with $210MM in equity.

Problem  loans consist of $4MM in loans 30-90 days past due, there are $49MM in non accrual with $8MM in OREO.

Net income was ($27MM) in FY10 and ($83MM) in FY09.

It might be tough paying back the $64MM in bailout funds based the recent financial performance.

The equity position is actually $146MM as the $46MM in bailout funding is debt not preferred stock.  Prefered stock doesn’t have to get paid back, this $64MM in tax payer funding does.  Though, this bank appears incapable of making any repayments.  Also, the non accrual loans  have the potential of wiping out another 30% of the equity!

The good thing is the executive compensation has not been impacted by this debacle.

Steven Bangert    made  $1MM

Jonathon Lorenz  made $694K

Lyne Andrich       was paid $529K

Richard Walton    made $541K

Bruce Callow          earned $342K

These people get paid well for wiping out 25% of the company equity in 3 years.

Again, how are they going to pay back the $64MM to the tax payers that they took?

Hey Steven, where is the $64MM? In your pocket.

Is this your bank, better head for the divide.

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