Here is Mike Dohran the CFO
Mike, the tax payer wants the $11MM back
Pacific Coast Banker’s Bank San Francisco California was founded in 1997. The company took $11MM in tax payer funded bailout money which they have decided to not repay. The Texas ratio is 32%.
The company has $532MM in assets with $45MM in stated equity.
The actual equity position is $34MM, when you back out the tax payer funded preferred stock, which is debt not equity.
They have $20MM in problem loans all of which are on non accrual.
So, they have $20MM in problem loans with $34MM in equity, the non accrual could easily wipe out the equity position.
This place could be technically insolvent.
Net income was $2MM in FY10, why wasn’t this money used to pay back the tax payer?
Tags: executives paid despite non payment of bailout fund, insolvent, Non repayment of Gov. bailout funds, real estate
Leave a Reply