First M&F Bank Kosiusko, Mississippi was founded in 1890. The company took $30MM in tax payer funded bailout money, which it has neglected to pay back. For some reason they are not on the problem bank list, despite having a Texas ratio of 40%.
The company has assets of $1.4B and stated equity of $102MM.
The actual equity is probably closer to $72MM, as the preferred stock is really debt.
The problem loan portfolio is impressive. They have $11MM in loans 30-90 days past, due with $45MM on non accrual.
The non accrual alone could wipe out the equity base.
Check out the properties for sale on their website, they have a nice array of vacant land for sale.
This place is probably technically insolvent.
How are they going to pay the tax payer back?
Don’t worry the executive compensation remains strong.
Hugh Potts made $368MM
John Copeland made $197K
Jeffrey Lacey made $203K
Good pay for creating this level of problem assets.
Tags: executives paid despite non payment of bailout fund, FDIC Bankrupt, insolvent, Non repayment of Gov. bailout funds, real estate
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