First Peoples Bank Fort Saint Lucie Florida

David Skiles makes $199k  to wipe out this bank

He got them on the problem bank list for unsafe commercial real estate lending

David took $5.6MM of you tax payer bailout money, which he can’t pay back

David hasn’t even paid intrest on these funds since 10/09

David also got this place on the under capitalized bank list

He wiped out 233% of the equity in only 3 years

This guy is one savvy banker

First Peoples Bank Fort Saint Lucie Florida was founded in 1999.  The company is on the problem bank list for unsafe and sound banking practices and incompetent commercial real estate lending.  They were also cited for weakness in management, capital, earnings and asset quality.  The Texas ratio is 196%.

The bank took $5.8MM in tax payer funded bailout money, which it has decided to not pay back.  As a matter of fact, they haven’t even paid interest on these funds since 10/09.  That is a pretty good deal from the tax payer.

The are also on the list of under capitalized banks.  Their tier 1 risk based capital levels are 38% of the required amount, that is not good.

They have $232MM in assets and $6MM in equity.

However, the $5.8MM in tax payer funded bailout money is actually debt not preferred stock as they are calling it.

This disaster effectively has no equity, that $6MM in so called “equity”, is tax payer funding being used to prop up this insolvent institution.

The bank has $17MM in problem loans, of which $14MM are on non accrual.

With $17MM in problem loans and $6MM in equity, this thing is bankrupt.

Why hasn’t this shipwreck been closed.

Net income was ($7MM) in FY10, ($4MM) in FY09 and ($3MM) in FY08.

How are they going to pay back the tax payer? They are not.

The one thing they did do was wipe out 233% of the equity in the last 3 years.

They also ran the stock price into the ground, as it is now delisted and trading for 12 cents a share.

At least the executive compensation was not compromised for destroying this company.

David Skiles       “earned”   $199k

Marge Riley       made         $129k

William West     made         $124k

Nancy Aumuch  made       $113k

That is good pay for bankrupting a financial institution.

So David Skiles pays himself but won’t pay back the tax payer. He runs the stock price into oblivion and bankrupts the company. This guy is savvy.

Do you have money in this zombie bank?


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