Pacific Coast Banker’s Bank San Francisco California

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?

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