Community Bank Staunton Virginia

Take a look at the new site

This is C Douglas Richard he took $12MM in tax payer money, which hasn’t been repaid

At least he made $303k last year

Community Bank Staunton Virginia was founded in 1928.  The company took $12MM in tax payer funded bailout money which it has decided to to not pay back.  the Texas ratio is 44%.

The bank has assets of $541MM and equity of $44MM

The actual equity is $32MM as the $12MM in tax payer money is debt not prefered stock.

The company has $18MM in problem loans, which could severely impact the equity position.

Net income was $3MM in FY10 and ($6MM) in FY09.

How come they didn’t use these funds to repay the tax payer?

It looks like they used them for the executive compensation instead.

The executive compensation was not comprised during this debacle.

P. Douglas Richard   made   $303k

Norman Smiley           made  $187k

R. Jerry Giles              made  $156k

It seems like if you are a lawyer or a banker in the south, you have to stick a letter in front of your first name.  I appears as though you get paid more if you do that.

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