Plumas Bank Quincy California

Plumas Bank Quincy California was founded in 1980.  They took $12MM in tax payer funded bailout money, which they have neglected to pay back.  They haven’t even made an interest payment since 2/10.  They are also on the problem bank list.

Assets are $468MM with equity of $47MM.

The actual equity position is $35MM, as the $12MM they borrowed is debt, not prefered stock.

The problem loan portfolio is $34MM, with $24MM on non accrual.  They also have $9MM in OREO.

With $34MM in problem loans and $47MM in equity, this place is insolvent.

Net income was $287k in FY10 and ($10MM) in FY09.

At this rate how long will it take them to pay back $12MM?

The tax payer may never get paid back, but the executives get paid.

Andrew Ryback    made $171k

Robert Harr            made $148k

BJ North                   made $147k

Where is that $12MM that you took?  How about at least paying the interest.

Do you have money in this disaster?


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