Horry County State Bank Loris South Carolina

Horry County State Bank Loris South Carolina was founded in 1988.  The company took $13MM in tax payer funded bailout money, which it has refused to pay back.  Then again, it has neglected to pay interest on the funds since 11/10.  For some reason the executives still get paid, despite not paying back the taxpayer.  The Texas ratio is 70%, not good. The stock is delisted, shocking!

The company has assets of $781MM and supposed equity of $20MM.

The actual equity is $13MM because the so called tax payer funded preferred stock is actually debt.

The problem loan portfolio is $45MM.

The bank has problem loans of $45MM and equity of $17MM.

This bank is bankrupt.

Why aren’t they shut down?

Why aren’t they on the problem bank list, believe me, this place has massive problems.

The net income was ($17MM) in FY10 and ($1MM) in FY09.

They lost another $16MM in Q2 2011, that was a good effort.

The bank lost $23MM in Q3 FY2011 wiping out 78% of the equity.  They could be bankrupt be year end.

How are they going to pay the tax payer $13MM?  They can’t, they can’t even pay the interest.

Rest assured the executives still get paid well while they are running this place into the ground.

James Clarkson made $243k

Glenn Bullard     made $177k

Ron Page               made $178k

What do you think, that is good pay for stealing tax payer money and destroying this company.

Check this out, James Clarkson pays himself $243k, he takes $13MM from the tax payer which money, he won’t pay back and doesn’t even pay interest on the money.  He runs up $55MM in bad loans, loses $19MM and wipes out the shareholders.

This guy is a savvy.

They do have one thing, a large portfolio of vacant land.

Doesn’t make them bad bankers.

It makes them rich ones.

Hurray for theses bankers.


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