Steven Lewis, left, took $65MM in TAARP money
Steven you lost $38MM over the last 2 years, how are you going to pay back $65MM?
Steven got paid $381k
Don’t worry, he wiped the stock holders out also, the stock is de listed and selling for a 11% of book
First Place Financial Corp. Warren, Ohio was founded in 1949. The bank took $65MM in tax payer bailout funding, which it has neglected to pay back.
The company has assets of $3.1B, loans of $2B and equity of $267MM.
The problem loan portfolio consists of $43MM in 30-90 day past due loans, there are $107MM on non accrual with $30MM in OREO.
Net income was ($26MM) in FY10 and ($12MM) in FY09.
Based on the recent financial performance, it is difficult to tell how the company will be able to pay back the $65MM to the tax payer.
If the $65MM in bailout funding is backed out of the equity base, as it is actually debt not equity. The actual equity position would be $202M. With $150MM in bad debt, the equity position could easily be wiped.
Why isn’t this company on the bad bank list?
This place appears to be technically insolvent.
Luckily, the executive compensation has not been effected.
Steven Lewis made $381K
David Gifford made $199K
Albert Blank made $277K
Kenton Thompson earned $231K
That is pretty good pay for a management team that has wiped out 30% of the company’s equity over the last 3 years.
Steven Lewis is in first place making $381MM, getting $65MM in tax payer funding and not paying it back, as well as losing $89MM in 2 years, racking up $150MM in bad loans, while wiping out a 62 year old bank. Now this guy is in first place!
The stock is in the process of being delisted.
The market capitalization is $29MM, that’s 11% of book. The investors have about as much confidence in this group, as the tax payer does in getting repaid.
For some reason, I am thinking this company is not in first place!
Do you have money in this bank?
Tags: executives paid despite non payment of bailout fund, insolvent, Non repayment of Gov. bailout funds
Capital2risk 
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