Community First Bank and Trust Columbia Tennesse

Here is the CEO Marc Lively, he took $17MM in TAARP funds

He made $298k last year

Mark made $151MM in problem loans with only only $39MM in equity

It didn’t take him long to bankrupt this place

They lost $10MM over the last 2 years

The balance sheet is not looking very lively

Good thing has time to play golf, at least he can’t make bad loans there

Community First Bank and Trust Columbia, Tennesse was founded in 1999.  They took $17MM in tax payer funded bailout money, which it won’t pay back.  I couldn’t find it on the problem bank list, but it ought to be.

The company has $678MM in assets with $56MM in supposed equity.

The equity position is actually $39MM, as the $17MM in bailout funds is not preferred stock but debt, which they won’t pay back.

The problem loan scenario is staggering.  They have $41MM in loans past due 30-90 days, get this, there are $110MM in loans on non accrual!

So, they have $151MM in bad loans and $39MM in equity.

This place is flat out bankrupt

Why hasn’t the government shut them down.  What, they think if they wait they will get the $17MM back?

Why aren’t they at least on the problem bank list, this place has problems.

This place is bankrupt.

How are they going to pay back the tax payer $17MM

Net income was ($4MM) in FY10 and ($6MM) in FY09.

So how are they going to pay the $17MM back?

At least the executives are suffering.  They get paid well for wiping this place out.

Mark Lively             made $298K

Diane Scroggins     made$125K

Michael Saporito   made $167K

Carl Cambell            made $177K

Mark Lively gets paid well to run this thing into the ground

That is good pay for causing this disaster.

Tags: deliquency, executives paid despite non payment of bailout fund, FDIC Bankrupt, insolvent, Non repayment of Gov. bailout funds, problem bank list, real estate