Bank of New Canaan New Canaan Connecticut

This is Jay Forgotson, he took $4.7MM in tax payer money which he hasn’t paid back

Hold on he makes $406k which includes country club a  membership and a car allowance

This is Heidi DeWyngaert, she makes $263k which includes a country club membership

Does the $4.7MM she took from the tax payer, fund the country club membership?

Bank of New Canaan, New Canaan Connecticut was founded in 2002.  The company took $4.7MM in tax payer funding, which it won’t pay back.

The bank just took $11MM in tax payer funded bailout money, under the newly enacted Small Business Lending Fund.  The $4.7MM will be used to pay back the money original money they took, and didn’t pay back.

Hold on, they took $4.7MM, which they won’t pay bank and the government is going to give them another $5MM!  Based on the current financial performance, how long will it take them to pay back $10MM.  Try 10 years, if they are lucky.  This program is a joke.

Assets are $321MM with $26MM in equity.

The equity is actually $21.3MM, as the the $4.7MM in tax payer funding is debt not preferred stock.

They have $7MM in problem loans.

So, they have $7MM in problem loans and $21MM in equity

The problem loans, could potentially erode a significant level of the equity base.

Net income was $1.2MM in FY10 and $1MM in FY09.

Why wasn’t this used to repay the tax payer.

The executives might not want to repay the tax payer, but they aren’t afraid of paying themselves.

Merrill Jay Forgotson      made $406k

Ernest Verrico                     made $171k

Heidi DeWyngaert               made $263k

Frederic Reinhardt           made $221k

Don’t worry, this includes country club fees and car allowances.

Merrill Jay Forgotson, where is the $4.7MM you took from the tax payer, I guess you forgotson to pay it back?

How do you feel about tax payer funding, being used to pay country club fees?

Merrill, the stockholders must love you, your salary is almost 50% of net income.

So the management team paid themselves $1,061M and the company only made $1.2MM

Do you bank with this place?

It is being propped up with tax payer money, which they won’t pay back.

Do you have money in this bank?

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