Bank of the Carolinas Mocksville North Carolina

Bank of the Carolinas Mocksville North Carolina was founded in 1998.  The company took  $13MM in tax payer funded bailout funds which they have neglect to pay back.  The Texas ratio is 59%.

They have assets of $534MM and equity of $36MM.

The equity position is actually $23, when the tax payer funded debt is backed out.

The problem loan portfolio is staggering at $31MM.

They have $31MM in bad loans with $23MM in equity.

This place is insolvent.

Why aren’t they closed down.  Then again, why aren’t they on the problem bank list?

Net income was ($3MM) in FY10, ($3MM) in FY09 and ($3MM) in FY08.  At least they are consistent at losing money.

Take a look, they lost $12MM in Q2 2011!

At this rate, how are they going to pay back the $13MM?

Maybe this place is a non profit.

Thankfully, the executives are well paid for guiding this train wreck.

Robert Marziano made  $298k

Michael Larowe made  $260k

Harry Hill               made $198k

That’s good pay for running this thing into the ground, in a decade. Imagine what they would pay themselves if they made money.

Mocksville, that is a good location for this place.  I would hate to mock this company.

The average pay in this town is $27,000.

Robert Marziano makes in one year what the average person in this town make in 11 years, yet he causes this company to go bankrupt ,

Wow, this company pays this guy $300K a year to lose $3MM a year and stealing $13MM in tax payer money!

This guy is making a mockery of this company as well as the tax payer.

Do you have money in this mockery?


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