McHenry Savings Bank McHenry Illinois

McHenry Savings Bank McHenry Illinois was founded in 1955.  The company is on the problem bank list, for incompetent commercial real estate and construction lending.  They were engaged in unsafe and unsound banking practices.  They were cited for having weakness in management, asset quality, capital and earnings.  Maybe that is why the Texas ratio is 109%.

Assets are $279MM with equity of $12MM.

Take a look at the problem loan portfolio, in relation to the equity position.  They have $24MM in problem loans, with $15MM on non accrual and $5MM in OREO.

Having $24MM in problem loans and $12MM in equity makes this place bankrupt.

Why aren’t they closed down?

This place is beyond insolvent.

They lost $7MM in FY10 and another $995k in Q1. They lost $892k in Q2.

The CEO Phil Oeffling wiped out 30% of the equity in 3 years.

Is this your bank?

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