Highlands Independent Bank Sebring Florida

 

 

 

Highlands Independent Bank Sebring Florida was founded in 1988.  The company took $9.5MM in tax payer funded bailout money, which it has decided to not pay back.  For some reason, they are not on the problem bank list.  Take it from me, this place has problems.

They have assets of $286MM with $20MM in supposed equity.

The actual equity is $10.5MM, as the $9.5MM in tax payer funding is debt not preferred stock.

This place is just being propped up by the government, with tax payer money.

They have $14MM in problem loans, with $9MM in non accrual and $9MM in OREO.

With $14MM in problem loans and $9.5MM equity, this place is insolvent.

Why isn’t this bank shut down?

They at least deserve a place on the problem bank list.

With net income of ($3MM) in FY10 and ($6MM) in FY09, how are they going to pay the tax payer back the $9MM.

Do you have money in this place?

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