Carolina Bank Greensboro North Carolina

 

This is the CEO Bob Braswell he took $16MM in TAARP money

He hasn’t paid interest since 11/10

He makes $437k, to rack up $38MM in bad loans

Carolina Bank Greensboro North Carolina was founded in 1996.  The company took $16MM in tax payer funded bailout money which it has neglected to return.  It has also chosen not to pay interest since 11/10.  What if the customer decided not to pay interest to them?

The company has $676MM in assets and $53MM in equity.

The  actual equity is $37MM,  as the $16MM in bailout funds is debt not preferred stock.

The problem loan portfolio has $6MM in loans 30-90 days past due and $32MM on non accrual.

So, the bank has $38MM in bad loans with only $37MM in equity.

This bank is bankrupt, why isn’t it closed down?

Then again, why isn’t it on the problem bank list?

The company had net income of ($2MM) in FY10.

The executive compensation has remained strong despite this dismal performance.

Robert Braswell     made  $437k

Gunner Fromen    made  $332k

Allen Liles                made $258k

Philip Carmac    “earned” $641k

This group pays themselves this kind of money but they don’t even pay interest on the tax payer funded bailout money, let alone paying it back.

Do you have money in this place, it appears bankrupt.

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