Carolina Trust Bank Lincolnton North Carolina

Carolina Trust Bank Lincolton North Carolina was founded in 2000.  They company took $4MM in tax payer funded bailout money, which they won’t pay back.  For some reason, they are not on the problem bank list.  The stock is delisted.

Assets are $276MM with equity of $27MM.

They have $12MM in problem loans, with $9MM in non accrual and $4MM in OREO.

Net income was $221K in FY10 and ($2MM) in FY09.

At least the executives paid themselves well, despite not repaying the taxpayers.

John Cline        made $334k

Donald Boyer   made $140

Richard Rajer   made $134k

That is pretty good pay for running this place into the ground, taking tax payer money and not paying it back.

John Cline should be in jail, this criminal took  $4MM in tax payer money didn’t pay it back, then again he got paid $334k.

This crew bankrupted this place in record time.

Do have money in this place? I wouldn’t trust this bank.

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