MBank Gresham Oregon

Take a look at the new site

capital2risk.com

This is Rex Brittle, he runs the worst bank in the state

Rex lost over $2,000,000 in Q4 2011 alone wiping out 30% of the remaining equity

Rex is sitting on $13,000,000 in bad loans

This bank is rated as a 1 which is the worst rating

Is Rex looking after your money?

Rex means king in Latin, Rex is the king of making bad loans 

Rex Brittle runs the worst bank in Oregon, they are on the problem bank list

They like to engage in unsafe and unsound lending

MBank Gresham Oregon was founded in 1995.  They are probably the worst bank in Oregon.  They have earned a spot on the problem bank list, having been citied with a cease and desist order for unsafe and unsound lending practices.  The Texas ratio is 189%.

They also have the distinction of being on the under capitalized bank list. If there were an insolvent bank list, they would be on that also.

The assets are $206MM with $7MM in equity.

The problem loan portfolio in relation to the equity position is incredible.  They have $30MM in problem loans, with $28MM on non accrual.

Do you think $7MM in equity is enough to support $30MM in bad loans.

You probably can’t get more insolvent than this place.

Net income was ($3MM) in FY10, ($12MM) in FY09 and ($1MM) in FY08.   They lost another $832k in Q1 2011.  The bank lost another $2MM in Q2.

This management team wiped out 190% of the equity in 3 years and the equity erosion continues.

They may want to take a look at the operating leverage.  With $6MM in net income and $7.6MM in overhead, this cost structure is not working.

This thing is on the verge of extinction, why hasn’t it been closed down.  Maybe the regulators are letting the management team run this place into the ground on their own.

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