The Peoples National Bank Easley South Carolina

This is L Andrew Westbrook he took $12,000,000 in tax payer bailout money which he won’t pay back

Andrew makes $299,000 a year

He is sitting on $18,000,000 in bad loans

The Peoples National Bank was founded in 1986.  The company took $12MM in tax payer funded bailout money, which it decided to not return.  The Texas ratio is 76%. Why is this place not on the problem bank list?

This disaster is business of the month?  They took $12,000,000 in tax payer money.

With $18,000,000 in bad  loans, they are the business on the month

The company has $541MM in assets and $52MM in stated equity.

The actual equity is $40MM, as the $12MM in prefered stock is debt owed to the tax payer not equity.

The bank has $13MM in non accrual, which could effectively wipe out another 33% of the equity position.

Net income was ($440k) in FY10.

At this rate, how will they ever pay back the tax payer $12MM? It appears impossible.

Fortunately, the executive compensation was not effected despite this abysmal performance.

Andy Westbrook is third on the right, why is he smiling?

He took $12,000,000 in tax payer money and has $18,000,000 in bad loans

Andy makes $261,000 a year, the tax payer also pays his $6,928 yearly country fees and pays for his car



Riggie Ridgeway     made  $342k

L Andrew Westbrook   made $299k

William West                 made $237k

I guess if you are a banker or a lawyer in the south, you get to stick an initial in front of your name.

Take a look at the board of directors, 7 of the 15 members have stuck an initial in front of their names?

How does R. Riggie Ridgeway make more than the whole company.

How is Riggie going to pay the taxpayer back $12MM?

I am R. Riggie Ridgeway, I own a mansion and a yacht.

R. Riggie forgot to post the mission statement since 2008.

He forgot to post the annual report since 2009.

R. Riggie forgot to post the quarterly statement since 12/10.

R. Riggie Ridgeway is CEO Emeritus, what does that mean?

This is definitely the Peoples Bank.  Thanks to the tax payer.


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