CoastalStates Bank Hilton Head South Carolina

Randy Dulyniock took $16MM in tax payer money which he can’t pay back

He lost $19MM since 2009 and racked up $44MM in bad loans

It didn’t take randy long to wipe this bank out

CoastalStates Bank Hilton Head South Carolina was founded in 2004.  It didn’t this management team long to wipe this place out. They stole $16MM in tax payer funded bailout money, which they won’t pay back.  For some reason, they are not on the problem bank list.  I guess taking $16MM from the tax payer and having Texas ratio of 95% doesn’t cut is any more in South Carolina. Believe me, this place has problems, not to mention problem loans.

Assets are $395MM with equity of $28MM.

The actual equity position is $12MM as the $16MM they took from the tax payer is debt, not  preferred stock.

The problem loan portfolio in relation to the equity position is scary.  They have $44MM in problem loans with $37MM on non accrual.

They have $44MM in bad loans and $12MM in eroding equity, that ain’t good.

This bank is insolvent.

This place is bankrupt and the equity is being propped by tax payer money.

Again, why aren’t they on the problem bank list

Net income was ($6MM) in FY10, ($5MM) in FY09.  Get this they lost another $3MM in Q1.

They lost $5MM in Q2 2011.

So how is the tax payer going to get paid back the $16MM?  They won’t

At least, the CEO Randy Dulyniock wasn’t effected.

This fat cat has done well bankrupting this place in record time, this guy hasn’t missed a meal since this thing opened.

Do you have money in this abortion?

It would be long before the equity position slides off the coast.

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