Lorain National Bank Lorain Ohio

Take a look at the new site

 

capital2risk.com

 

This is Daniel Kilmas, he stole $25MM of your tax payer funded bailout money

aniel gets paid $621k a year for stealing your money

Daniel is a criminal,  where is the $25MM you took from the tax payer

Lorain National Bank Lorain Ohio was founded 1934.  The company took $25MM in tax payer funded bailout money, which it hasn’t returned.

Assets are $1.5B with tangible net worth of $100MM.

The actual equity position is $75MM, as the tax payer funding is debt, not so called preferred stock.

The problem loan portfolio is $48MM, with$38MM in OREO.

Having $48MM in problem loans, with $75MM is not a good situation.

Net income was $4 in  FY10, ($3MM) in FY09 and $3MM in FY08.

Based  on this financial performance, how long will it take for them to pay back the $25MM to the tax payer? Probably forever.

Maybe the executives didn’t pay the tax payer back, but they certainly paid themselves.

Daniel Klimas       made  $621k

Gary Ekek              made   $297k

David Harnett     made    $275k

Frank Sults         made      $239k

Kevin Nelson     made       $198k

That is good pay for Ohio.  That is good pay for running this place into the ground and taking tax payer money, without paying it back.

Daniel, where is the $25MM?

Is this your bank?

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