Bank Forward Hannaford North Dakota

These guys can’t be any worse then the existing management team

Bank Forward Hannaford North Dakota was founded in 1927.  The company took $11MM in tax payer funded bailout funds, which has neglected to repay. The company is not on the problem bank list, though it should be.  The Texas ratio is 43%, the second worst in the state.

They have $485MM in assets and $41MM in equity.

Actual equity is $30MM, when you back out the so called preferred stock which is debt owed to the tax payer.

The problem loan portfolio is $26MM.

The bank has $26MM in problem loans with $30MM in debt!

This bank is insolvent.

Why aren’t they on the problem bank list?

Net income was ($3MM) in FY10 and ($3MM) in 09.

When is the tax payer getting the $11MM back?

“Bank Forward”?

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