Here is the new site
Ask him where the $16,000,000 in tax payer money he took is
This is the CEO Vito Pantilione, he took $16MM in TAARP, the government said don’t worry about
He makes $759k to rack up $39MM in problem loans
Parke Bank Sewell New Jersey was founded in 1999. They company took $16MM in tax payer funded bailout money, that they have decided not to repay. For some reason, the company is not on the problem bank list.
The company has $756MM in assets with stated equity of $70MM.
However, $16MM of the equity is not preferred stock, it is debt that should be paid back to the tax payer.
The problem loan situation consists of $10MM in loans that are 30-90 days past due, with $29MM on non accrual.
So that equates to $39MM in problem loans, with only$54MM in equity.
The non accrual alone could wipe out the equity position.
This company is probably technically insolvent.
Why aren’t they on the problem bank list.
They had net income of $6MM in FY10 and $5MM in FY09.
Why couldn’t they have used these funds to repay the tax payer.
The executives remained solvent.
Vito Pantilio made $759k
David Middlesbrook made $228k
Elizabeth Milousky made $235k
Looks like this team gets paid well, they aren’t worried about paying the tax payer back
Vito goes a good job at bankrupting this place.
Vito you make $759k, where is the $16MM you took from the tax payer, check your pockets.
Do you Parke your money in this disaster?