Bank of North Carolina Thomasville, NC

 

This is Swope Montgomery, on the left the CEO, he took $31MM of your money

Swope makes $644k includes a country club membership, not bad pay for making $412MM in bad loans

Bank of North Carolina, Thomasville, NC was founded in 1991.  The company took $31MM in tax payer funded bailout money, which it has neglected to repay.  The Texas ratio is 31%.

The company has assets of $2B and supposed equity of $152MM

The problem loan portfolio consists of $56MM in loans 30-90 days past due, get this there are $317MM on non accrual with $39MM in OREO.

Though the stated equity is $152MM, there is $26MM in goodwill, resulting in equity of $126MM.  The $31MM in tax payer funding is actually debt not equity.  This results in actual equity of $95MM.

So, the bank has $412MM in bad loans supported by only $95MM in equity.

This bank is insolvent

How come this company is not on the problem bank list?

The company had net income of $8MM in FY10, $7MM in FY09 and $6MM in FY08.

How come they haven’t paid back any of the tax payer bailout?

I guess they have to make sure the executives country club fees are paid first.

Luckily, the executive compensation has not been impacted.

Swope Montgomery     made $622K

Richard Callicutt           made $437K

David Spencer                made   $371K

The compensation includes cell phones, auto expenses and country club fees.

The market capitalization is $64MM or 42% of book.

This guy  and was able to “Swope” in and take $31MM in tax payer money, none of which he paid back.

At least he was able to pay himself $622K, for taking  for taking tax payer money with no effort to pay it back.

This guy is called Swope for a reason, he will Swope the tax payer out of anything they will give him.

Hopefully, you don’t have money in this disaster because this thing is bankrupt, then again so it the FDIC

Swope how about paying back tax payer.

This guy is legal.

Why rob a bank when you can own one.

Do you have money in this place?

I would swope down and withdraw it

Check out the website, they have Regis on the front page, that is pathetic, not as pathetic as Swope’s video of himself

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