First Central Savings Bank Glen Cove, NY

This is on of the worst banks in New York

The Texas ratio is 100%

Do you have money in this bankrupt disaster?

They lost over $7,000,000 in Q4 2011 alone

This place is history

Take a look at the website, they won’t even tell you who the CEO is, do you money in this disaster?

First Central Savings Bank Glen Cove, NY was founded in 1999.  They have the distinction of being on the problem bank list, as they have entered into a consent agreement with the FDIC.  They were cited for inadequate management, asset quality and earnings.  Maybe that is why the Texas ratio is 93%, making it the 3rd worst bank in NY.

The company has assets of $636MM with equity of $40MM.

The problem loan situation is phenomenal.  They have $21MM in loans 30-90 days past due, with $42MM that are 90+ days past and $44MM in non accrual.

That is $107MM in bad loans with only $40MM in equity.

This place is insolvent!

Why haven’t they been shut down?

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