East Carolina Bank Engelhard North Carolina Dwight Utz

This is Dwight Utz he took $17MM in bailout money

This is Thomas Crowder the CFO

Ask Thomas how he is going to pay you back the $17,000,000 he owes the tax payer

Thomas isn’t worried he makes $231,000 a year

The bank made $200k in FY10 and ($400M) in FY09, how the hell long will it take them to pay back $17MM

Dwight makes $311k, good pay for wiping out a 92 year old bank

This is the board the took $17,000,000 in tax payer money that they won’t pay back

East Carolina Bank Engelhard, North Carolina was founded in 1919.  The company took $17MM in tax payer funded bailout money, which it has decided not to repay.  It is not on the government problem bank list.  I guess not paying back the tax payer back, is not a problem.

The company has $919MM in assets with $80MM in equity.

The actual equity is $63MM as the $17MM in bailout money is debt not preferred stock, despite the fact that they won’t repay it.

There are $23MM in problem loans.  The non accrual alone could eradicate a large part of the equity position.

Net income was ($200K) in FY10 and $499K in FY09.

Based on this financial performance, how are they possibly going to pay back the tax payer’s $17MM?

Fortunately, the executives haven’t suffered or made any effort to pay back the tax payer.

Dwight Utz               made $311K

Thomas Crowder  made $231K

James Burson         made $204K

At least these boys are well taken care of.

They have made a good effort at wiping out a 92 year old institution.

Is this your bank?

Dwight Utz?

Dwight got paid all right, for running this place into the ground.

Dwight, when are you going to pay back the tax payer the $17MM you stole

Do you have money in this bank?

Next time you go into the branch, ask them when they are going to stop paying Dwight Utz for his incompetent management, and pay back your $17MM in tax payer money.

Tags: executives paid despite non payment of bailout fund, FDIC Bankrupt, Non repayment of Gov. bailout funds