Pulaski Bank St. Louis Missouri

This guy as CEO can’t be worse than Gary Douglas

Here is Gary Douglas

Gary took $32,000,000 in tax payer money

Gary makes $536,000 a year

Gary is sitting on $60,000,000 in bad loans

Gary has serious problems

 

 

Pulaski Bank St. Louis Missouri was founded in 1922.  It accepted $32MM in taxpayer bailout funding, which it has neglected to pay back.  The Texas ratio is very high at 44%.

The bank has assets of $1.4B with equity of $112M.

However, the $32MM in taxpayer funding is debt not equity.  The actual equity position is $80MM.

Thee companies problem loan portfolio consists of $16MM in loans that are 30-90 days past due, with $56MM on non accrual.

They have $72MM in problem loans supported by $80MM in equity!  This place has serious problems.

How come they haven’t been shut down?

Better yet, why aren’t they on the problem bank list?

The company had net income of $1MM in FY10, with $4MM in FY09.  Based on this financial performance, how long will it take them to repay $32MM, eternity sounds about right.

At least the executives are well paid.

Gary Douglas made $536K

Thomas Reeves  made $325K

Brian Bjorkman made $360K

This team got paid well for wiping out an 89 years institution!

Gary Douglas, where the hell is the $32MM you stole from the tax payer? Check you pocket.

This bank survived the Great Depression but it couldn’t survive Gary Douglas.

Gary you stole $32MM in tax payer money, don’t pay it back, run this place into the ground and pay yourself $536k . Who is better than you?

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