Anchor Mutual Savings and Loan Bank Aberden Washington

Anchor Mutual Savings and Loan Bank Aberden Washington was founded in 1907.  The company is on the problem bank list, for unsafe and unsound lending practices.

Assets are $511 with equity of $59MM

The problem loan portfolio is $40MM.

With problem loans of $40MM and assets of $59MM, they are probably technically insolvent.

This bank should be shut down.

Net income was ($6MM) in FY10, ($12MM) in FY09 and ($4MM) in FY08. Wait, they lost another ($3MM) in Q1 2011 also.

They lost another $7MM in Q2 2011.

Jerald Shaw, the CEO, has done an admirable job at bankrupting a 104 year old company.

He wiped out 43% of the equity in 3 years.

You know it is bad when the first thing you see on the website, is real estate for sale.  They have an impressive array of empty houses and vacant land for sale.

Do you have money in this place.  The one thing this bank is not is an anchor.

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