Mechanics & Farmers Bank Durham North Carolina

This Kim Saunders, she took $12MM in bailout money that hasn’t been repaid

Don’t worry she makes $267k a year

The whole bank made $339k last year, she almost makes more than the whole bank

Mechanics & Farmers Bank Durham North Carolina was founded in 1908.  The company took $12MM in tax payer funded bailout money which it has neglected to pay back.  For some reason, this place is not on the problem bank list.  The Texas ratio is 44%.

The company has assets of $312MM with equity of $36MM.

The actual equity position is $24MM, as the so called preferred stock is actually debt they owe to the tax payer.

The bank has $22MM in problem loans with $24MM in equity, that is a problem.  The non accrual of $18MM alone could wipe this thing out.

Why isn’t this place on the problem bank list?

The net income was $339k in FY10 and $358k in FY09.

At this rate, how are they going to pay back the tax payer $11MM, it should only take 30 years or until 2041.

At least the executive compensation has been strong.

Kim Saunders made $267k

Lyn Hittle        made  $169k

Wow, these two make as much as the whole bank combined.

That is good pay for wiping out a 105 year old institution.


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