Encore Bancshares Houston, Texas

The guy in the first row on the right is Preston Moore, he took $34MM in TAARP

Preston makes $599k to make $33MM in bad loans

This bank lost $26MM in FY10, how is Preston going to pay back $34MM

Encore Bancshares Houston, Texas was founded in 1956.  The company took $34MM of tax payer funded bailout money, which it has decided to not pay back.

The company has $1.B is assets with $126MM in equity.

The actual equity position is $92MM, as the $34MM that the company has neglected to pay back is not prefered stock, it is debt.

The problem loans are $5MM in 30-90 days past due with $28MM in non accrual.

This $33MM in bad debt could easily wipe out the equity position.

This bank could quickly become insolvent.

The net income was ($26MM) in FY10.

It is not looking good for them to pay back the tax payer’s $34MM at this rate.

Despite this dismal performance, the executive compensation remains intact.

James D’Aostino   made  $360K

Preston Moore   made       $599K

Harold William made        $520K

Not bad pay for wiping out this company and taking $34MM in tax payer funds which they have made no effort to repay!

What can this place do for an Encore, pay Preston Moore money, another $599k to lose another $26MM.

Harold William needs as a pay increase also for wiping out this company.

These boys get paid good for this kind of destruction.

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