Redding Bank of Commerce Redding, California

Patrick Boty took $17MM in TAARP money

He is smiling because he makes $437k, while making$53MM in bad loans

The bank made $5k in each of the last 2 years, how long will it take to pay back $17M? When is hell going to freeze over?

Redding Bank of Commerce Redding, California was founded in 1898.  The company has taken $17MM in tax payer bailout funds which has decide to not pay back.

The company has $939MM in assets with $101MM in equity.

The actual equity position is $84MM, as the $17MM in tax payer funds is debt not preferred stock.

The problem loan portfolio consists of $25MM in loans 30-90 days past due, with $28MM on non accrual.

That is $53MM in problem loans with only $84MM in equity.

The non accrual alone could wipe out 33% of the equity.

They had net income of $5MM each of the last 2 years, why not pay the tax payer back.

At least the executives were able to pay themselves.

Patrick Moty      made $437K

Linda Miles           made  $376K

Samuel Jimenez made $203K

Randall Eslick     made     $235K

How much was the tax payer paid, zero.


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