Village Bank Midlothian Virginia

 

Thomas Winfree took $15MM of your tax payer funded bailout money, which he won’t pay back

He gets paid $236K a year and got this disaster on the problem bank list

This clown racked up $33MM in bad loans

Winfree?   The tax payer is not winning and it is not free, this fat cat banker should be incarcerated

Thomas, the tax payer wants the $15MM back

 

Village Bank Midlothian Virginia was founded in 1999.  The company took $15MM in taxpayer funded bailout money, which it decided to not pay back. For some reason they are not on the problem bank list but rest assured, this place has problems.  The Texas ratio is 56%.

The company has assets of $591MM and stated equity of $48MM.

The actual equity position is $33MM after you back out the preferred stock, which is debt owed to tax payer not equity.

The problem loan portfolio consists of $16MM on loans 30-90 days past due with $17MM on non accrual.

Hold on, that equates to $33MM in problem loans with only $33MM in equity.

This place is technically insolvent, the non accruals alone could wipe them out.

The bank had net income of $549MM in FY10, ($13MM) in FY09 and $468k in FY08.

Based on this financial performance, how long will it take them to the tax payer back $15MM?  About 30 years, it doesn’t look like they will be around that long.

It least the executives get paid well for destroying this place in record time.

Thomas Winfree        made  $236k

C. Harril Whitehurst  made $207k

Raymond Sanders      made  $202k

I guess down south if you are a lawyer or a banker you get to slap a letter in front of your name to make it official.

It didn’t take this team long to bankrupt this place.

Thomas Winfree, he wins $236k for destroying this company and he gets $15MM in free tax payer money.  Now that is a Winfree!

Look on the bright side, they have some attractive vacant lots and residential land developments for sale.

Do you have money in this bank?

If you are a tax payer Thomas Winfree is stealing your money and has no intention of paying it back

This guy is illegal

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2 Responses to “Village Bank Midlothian Virginia”

  1. Ambrose Viccars Says:

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