First State Bank Cranford New Jersey

First State Bank Cranford New Jersey was founded in 2006, great timing.  They are on the problem bank list, for unsafe and unsound commercial real estate lending.  That could be the reason the Texas ratio is 212%.

They are also on the list of under capitalized banks.  They should also be on the list on insolvent banks.

Assets are $229MM  with equity of $8MM.

The problem loan portfolio in relation to the equity position is impressive.  They have $24MM in bad loans, with $17MM on non accrual.

With $24MM in bad loans and $8MM in equity, this place is beyond bankrupt.

Why is this place still operating, they are insolvent.

Net income was ($4MM) in FY10, ($3MM) in FY09 and ($2MM) in FY08.  They lost another $1.5MM in Q1 2011.

They have forgotten to post financial statements since Q2 2009, they haven’t posted the annual report since 2008.

They haven’t posted news since 2008.

Here is some news, this place is bankrupt.

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5 Responses to “First State Bank Cranford New Jersey”

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