First National Bank Fox Valley Neenah Wisconsin

First National Bank Fox Valley, Neenah Wisconsin was founded in 1887.  The company took $4.7MM in tax payer funded bailout money, which it can’t pay back. The stock is delisted.

Assets are $308MM with equity of $27MM.

The problem loan portfolio is $6MM.

Net income was $600k in FY10. How long will it take them to pay back $4.7MM?  How about a decade.

Hold on, take a look at the annual report.  They are going to roll the TAARP funds into the Small Business Lending Fund, which is just another name for TAARP.  This will lower their rate and get rid of the stigmatization associated with TAARP.  This will lower their rate. However, they still can’t repay the money.  The tax payer gets screwed again.

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