Norstates Bank Waukegan Ilinois

Norstates Bank Waukegan Illinois was founded in 1962.  The company is on the problem bank list for disastrous commercial real estate lending.  The Texas ratio is 88%.

The company has assets of $531MM and equity of $44MM.

The problem loan situation is phenomenal.  They have $49MM in problem loans, with $40MM on non accrual.

The bank has $49MM in bad loans with $44MM in equity.  The non accruals will wipe out the remaining equity.

This bank is insolvent.

Why are they still open?

The management team wiped out 45% of the equity in 3 years.

Net income was ($5MM) in FY10, ($28MM) in FY09 and ($2MM) in FY08

The executives are hanging in their pretty well.

Scott Yelvington       made $200k

Kerry Bigay                 made $137k

Thomas Newton       made $125k

Brett Houston           made  $133k

That is not bad for bankrupting this company.

Norstates? nor do they have any equity.

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2 Responses to “Norstates Bank Waukegan Ilinois”

  1. Jonah Roddam Says:

    As soon as I noticed this website I went on reddit to share some of the love with them.

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