Bank of Naples Naples Florida was founded in 2000. The company took $4MM in tax payer bailout funds, which he has refuses to repay. Then again, they haven’t even made a interest payment since 10/10. The Texas ratio is 80%.
The bank is also on the under capitalized list. They might as be on the insolvent bank list also.
Assets are $183MM with supposed equity of $6MM.
The actual equity is $3MM, as the $4MM in tax payer money is debt not prefered stock.
The problem loan portfolio is $15MM.
With $15MM in problem loans and $4MM in equity, this bank is bankrupt.
Why is this place closed down?
This disaster is beyond insolvent.
Net income was ($25MM) in FY10, ($3MM) in FY09 and ($3MM) in 08.
They lost $2.8MM in Q2 2011.
Based on this stellar performance, how are they going to pay back the tax payer, it’s never going to happen.
It didn’t take this group long to bankrupt this place.
Do you have money in this bankrupt place?
Tags: FDIC Bankrupt, insolvent, Non repayment of Gov. bailout funds, real estate
Capital2risk 
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