Bank of Whitman Colfax, Washington

Bank of Whitman Colfax, Colfax Washington was founded in 1977.  The company is on the problem bank list as it entered in to a written agreement with the regulators.  The Texas ratio is a phenomenal 175%.

This place is bankrupt.  Check this out, they lost $25MM in Q2, this wiped out the remaining $24MM in equity.  The equity position is now ($319k).

Why isn’t this place closed down?

The company has $651MM in assets and $24MM in equity.

The problem loan portfolio is incredible with non accrual loans of $57MM.

They have $57MM in assets with only $24MM in equity.

This bank is insolvent.

Why is it not shut down?

They are on the list of under capitalized banks

The tier 1 risk bask capital level is 5.77% far below the 8% target.

This is one of the worst banks in the country.

Check out the website, they won’t even tell who runs this disaster

They won’t post the financial statements.

Fortunately, I gave them to you.

This thing is bankrupt.

Do you have money here?

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