BankAnnapolis Annapolis Maryland

This Richard Lerner he took $8MM of your tax payer money, which he won’t pay back

He gets paid $243k to run this bank into the ground

Bank Annapolis  Annapolis, Maryland was founded in 1990.  The company took $8MM in tax payer funded bailout money, which it won’t pay back.

Assets are $426MM with equity of $39MM.

The actual equity is $31MM, the $8MM in tax payer funding is debt, not preferred stock.

The problem loan portfolio is $22MM.

Having $22MM in problem loans, with $31MM in equity, is not a great situation to be in.

Net income was $567k in FY10. At that rate, how long will it take them to pay back $8MM?

The executives might not want to pay back the tax payer, but they have no problem paying themselves.

Richard Lerner        made $243k

Edward Schneider   made $183k

Robert Kendrick      made $198k

That is pretty good pay for taking tax payer money, not paying it back and racking up problem loans.

Richard Lerner, steals $8MM from the tax payer, won’t pay it back and pays himself $243k. This guy has it made, thanks to your tax dollars.

Richard Lerner, should be in jail for taking $8MM from you.

Who is better off than this team?  Definitely not the tax payer.

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