Piedmont Community Bank

Piedmont Community Bank was founded in 2002.  This place has it all.  They are on the problem bank list, for incompetent commercial real estate and construction lending.  The Texas ratio is through the roof at 465%.

They are also on the list of under capitalized banks.  We might as well slap them on the list of insolvent banks.

Assets are $217MM with equity of $9MM.

The problem loan portfolio is incredible.  they have $36MM in problem loans with $32MM on non accrual.  Get this, they have $23MM of construction loans on non accrual.

This place should be closed down.

Net income was ($6MM) in FY10, ($3MM) in FY09 and ($1MM) in FY08.  They lost another $685k in Q1 2011.

They forgot to post the financial statements or tell you who the management team is on the website.

We may not know who the management team is, but we do know that they wiped out 122% of the equity in the last 3 years.

This team bankrupted this place in record time.

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