Security Savings Bank Southport North Carolina

This guy can’t be any worse than Kenneth Mabbe, losing $28MM

Kenneth must be hanging on shakedown street

Security Savings Bank Southport North Carolina was founded in 1911.  This is the definition of a zombie bank, it is on life support.  They are on the problem bank list for weaknesses in management, capital, earnings and asset quality.  It appears as if they made some bad decisions, when it came to commercial lending.  Imagine that, a bank in the south making bad commercial real estate loans.  The Texas ratio is 154%

They also qualified for the under capitalized bank list. You might as well throw them on the insolvent bank list.

Assets are $345M and equity is $15MM.

Take a look at the problem loan situation in relation to the equity base, it is comical.  This place has $50MM in bad loans with $42MM on non accrual.

With $50MM in bad loans, the $15MM in equity is going to be wiped out in no time.

This bank is beyond insolvent.

These boys are also experts at losing money.  Net income was ($18MM) in FY10 and ($10MM) in FY09.

They also destroyed 135% of the equity base in only 3 years, that takes effort.

The CEO Kenneth Mabe did a fine job at bankrupting a 100 year old financial institution. Maybe they should get rid of him!

Do you have money here? Their is not much security with this disaster.

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4 Responses to “Security Savings Bank Southport North Carolina”

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