PeoplesSouth Bank Colquitt Georgia

A potential investor?

Peoplessouth Bank Colquitt Georgia was founded in 1973.  They took $12MM in tax payer money of which it has made no effort to repay.

The bank has assets of $559MM with stated equity of $45MM.

The actual equity is $33MM when the tax payer funded prefered stock is backed out.

They have $19MM in problem loans.

Having $19MM in problem loans and $33MM in equity is not a good situation.

Net income was $2MM in FY10 and $4MM in FY09.

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

Why aren’t they on the problem bank list?

Probably because their Texas ratio is only 59%, which is not bad for Georgia.

Maybe Georgia has already filled its quota of bad banks.

Take a look at the website, this place has more real estate for sale than Caldwell Banker.

If you are in the market for vacant land in Georgia, you should call this place.

Advertisements

Tags: , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: