Magyar Bank New Brunswick New Jersey

That is James Fitzgerald on the left he makes $298k

James got this bank on the problem bank list for negligent commercial real estate lending

James runs one of the worst banks in the state

He is making a solid effort at wiping out a 89 year old bank, by racking up $38MM in bad loans

Magyar Bank New Brunswick New Jersey was founded in 1922.  The company is on the problem bank list for negligent commercial real estate lending.  They were cited for having weaknesses in management, capital and asset quality.  The Texas ratio is 89%, making it one of the worst banks in New Jersey.

They have assets of $537MM and equity of $43MM.

The problem loan portfolio is impressive.  They have $38MM in problem loans, with $29MM on non accraul.

Maybe the regulators were right for once, this place has a few weaknesses.

The non accrual alone could wipe out the equity.

Maybe this thing should be closed down.

The only bright spot is they can’t make any more bad loans.

At least the executives get paid well for running this place into the ground.

Elizabeth Hance     made  $140k

John Fitzgerald      made  $298k

Jon Ansari               made   $264k

Brian Stanley          made   $166k

That is good pay for making bad loans.

John Fitzgerald pays himself well for destroying an 89 year financial institution.

Do you bank with this place?

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