Putnam State Bank Palatka Florida

Putnam State Bank Palatka Florida was founded in 1988. This thing is history.  They are on the problem bank list for weakness in management, asset quality, capital and earnings, that should cover it.  Take a look at the Texas ratio it’s 293%, ouch.

They are also on the list of under capitalized banks, they might as well be on the insolvent bank list also.

Assets are 178% with $6MM in equity.

Check out the problem loan portfolio, they have $16MM in problem loans with $17MM in OREO.

With $33MM in problem loans and $6MM in equity, this thing is on it’s deathbed.

Why hasn’t this been shut down?

They have lost $14MM over the last 2 years.

This place is run by L Wayne McClain and D Clay Harris.  I guess if you are a banker or a lawyer in the south, you get to stick an in initial in front of your name.

These two were able to wipe out 183% of the equity in 2 years!

Is this your bank?

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