The Bank of Delmarva Delmarva Maryland

The Bank of Delmarva, Delmarva Maryland was founded in 1896.  The company took $9MM in tax payer bailout funding, which it probably can’t be paid back.

The assets are $429MM with equity of $40MM.

The true equity is $31MM, as the $9MM in tax payer money is debt not preferred stock.

The problem loan portfolio is $18MM.

They have $18MM in problem loans and $31MM equity and can’t even get a spot on the problem bank list.

The problem loans could easily wipe out the equity position.

Net income was $175k in FY10 and $729k in FY09. Based on these figures, how long will it take them to pay back the $9MM?  How about forever.

Edward Thomas is the CEO.

Edward, when are you going to pay the tax payer back the $9MM you took?

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