First Capital Bank Glenn Allen Virginia John Presely took $10,000,000 in bailout money

A future CEO, rosemary’s baby can’t be worse than John Presley at $263k a year

First Capital Bank Glenn Allen Virginia was founded in 1998.  The company took $10MM in tax payer funded bailout money that it hasn’t repaid, in fact they probably can’t pay it back.  For some reason they aren’t on the problem bank list, believe me this thing has problems.

The bank has assets of $536MM with stated equity of $43MM.

The actual equity is $33MM, as the $10MM in preferred stock is actually debt owed to the tax payer.

The company has $26MM in problem loans.

They have  $26MM in problem loans and $33MM in equity.

This bank is insolvent.

Why aren’t they closed down.

Why aren’t they on the problem bank list.  Maybe Virginia has already hit it’s quota.  This is a tough state in which to get on the problem bank list, you have to really suck.

Net income was ($2.8MM) in FY10 and ($195k) in FY09.

So how are they going to pay the $10MM.

They have quite an array of vacant land they are trying to sell, maybe they can give that back to the tax payer.

Rest assured the executives aren’t bearing the brunt of the disaster they caused.

John Presley      made  $263k

Robert Watts      made $248k

Gary Armstrong made $195k

That is good pay for destroying a company so quickly.

They might want to change the name, capital is not there strong point.

How about First vacant lot.

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2 Responses to “First Capital Bank Glenn Allen Virginia John Presely took $10,000,000 in bailout money”

  1. Keith Bryngelson Says:

    Enjoyed looking through this, very good stuff, regards . “We swallow greedily any lie that flatters us, but we sip little by little at a truth we find bitter.” by Denis Diderot.

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