Mercantile Bank Grand Rapids Michigan

Take a look at the new site

capital2risk.com

How many chins does Michael have, thanks to the tax payer he appears well fed.

This is Michael Price, he took $21MM in bailout money, which he won’t pay back

Michael hasn’t even paid interest on your money since 5/10

Don’t worry Michael get paid $496k, including a country club membership

How many chins does this fat cat bankster have? he is not going hungry

Thanks to Michael, this bank lost $71MM in the last 3 years

Michael, how the hell are you going to pay the tax payer back $21MM?

At least the country club membership is paid for by the tax payer

You can’t put a price on this clown

This is Robert Kaminski he makes $318,000 which includes country club expenses

Robert was instrumental in losing $71,000,000 for this bank

Why is Robert going bald, maybe having $75,000,000 in bad loans could do that

Here is Charles Christmas, the CFO, he makes $265,000 to steal $21,000,000

Holy Christ, this dope destroyed this bank

Did you invest in this disaster?

Move to Merc?

This place is bankrupt, they took $21,000,000 of your money, which they can’t pay interest on

Mercantile Bank Grand Rapids Michigan was founded in 1997.  The company took $21MM in tax payer funded bailout money, which it has not paid back.  They have also, have not even paid interest of these funds since 5/10.  For some reason, they are not on the problem bank list.

Assets are $1.58B with equity of $159MM.

The equity is actually $139MM, as the $20MM in tax payer funding, is debt not so called equity.

They have $75MM in loans on non accrual, with $15MM in OREO.

This place is close to being insolvent.

Are you sure they shouldn’t be on the problem bank list?

Net income was ($14MM) in FY10, ($52MM) in FY09 and ($5MM) in FY08.

With this financial performance, how are going to pay back $20MM?  They are aren’t.

The management team wiped out 39% of the equity in 3 years.

At least the executives paid themselves well, despite screwing over the tax payers

Michael Price  made        $496k

Robert Kaminski  made   $318k

Charles Christmas made $265k

That also includes country fees, a gratuity from the tax payer. These guys don’t even pay interest on the tax payer money, but they have their country club fees paid.

That is good pay for running this place into the ground and taking $20MM in tax payer money.

Is this you bank? Say hi to Michael Price, when you see him at the country club, on your dime.

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