First National Bank of Northern California San Francisco California

This is Tom McGraw the CEO, he took $12MM in bailout money, which he hasn’t paid back

Don’t worry, the shareholders got paid dividends

Tom made $271k last year

First National Bank of Northern California was founded in 1963.  The bank took $12MM in tax payer funded bailout money which they have chosen to not repay.  Fortunatley, they had money to pay dividends to the investors but couldn’t pay the tax payer back from the money they took?

First National Bank of Northern California

Board of Directors

First National Bank of Northern California; Board of Directors

Standing:	Edward Watson; Ronald Barels; Thomas Atwood; Chief Operating Officer, Anthony Clifford; Merrie Turner Lightner; Mike Pacelli
Seated:	Chief Executive Officer, Thomas McGraw; Chairwoman of the Board, Lisa Angelot; President, Jim Black

The company has assets of $714MM with equity of $80M.

The actual equity is $68MM, as the so called preferred stock is actually debt which they have decided to not repay.

The bank has $35MM in problem loans.

So they have $35MM in bad loans with $68MM in equity, the non accruals are $30MM which could wipe out the equity position.

This place is probably technically insolvent.

This is Tony Clifford, the COO he makes $303,000

Why aren’t they on the problem bank list?

Net income was $2.8MM in FY10, why didn’t they use these funds to repay the tax payer?

They are probably using the funds to pay the executives.

Thomas McGraw made $271k

Jim Black                made $349k

Anthony Clifford  made $303k

David Curtis            made $281k

Good pay for wiping out the equity position.

Regarding the $12MM, the tax payer is feeling like jumping off the Golden Gate bridge

Tags: executives paid despite non payment of bailout fund, FDIC Bankrupt, Non repayment of Gov. bailout funds, problem bank list, real estate