First Security Bank Batesville Mississippi

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That fat slob on the left is Frank West

This bald clown  stole $18,000,000 from the tax payer

First Security Bank, Batesville Mississippi was founded in 1952.  The company took $17.9MM of your tax payer money, which it won’t pay back.

Assets are $523MM, with equity of $57MM.

The actual equity is $39MM, the $17.9MM that is owed to the tax payer is debt, not preferred stock.

The problem loan portfolio is $24MM.

Having $24MM in problem loans, with $39MM in equity is probably not a great situation.

This place is probably bankrupt.

Why isn’t this place at least on the problem bank list?  Those regulators don’t quite have it figured out.

Net Income was $1,302MM in FY10, $798k in FY09 and $183k in FY08.

They paid dividends to the shareholders of $1.4MM in FY10, $1.4MM in FY09 and $1.4MM in FY08.

Hold on, they are making money, paying dividends to the stock holders but won’t pay back the tax payer.  Something is wrong here.

Take a look at the Net Income, based on this financial performance, how long will it take them to pay back $17.9MM.  20 years sounds about right.  However, that is contingent on them actually making payments.

Fortunately, even though the tax payer is not getting paid back, the executives are paying themselves well.

Frank West               made $279k

William Fleming     made $157k

Connie Hawkins     made $157k

Connie Hawkins?

Jeff Herron              made $156k

Dwayne Myers       made $163k

Don’t worry, these salaries include country club fees and car allowances.

The tax payer is paying for these clowns to play golf.

Look on the bright side, at least when they are playing golf, they can’t make bad loans.

Frank West, you took $17.9MM from the tax payer, won’t pay it back, make a ton bad loans and wipe out the stock holders. They pay you $279k to bankrupt a 59 year bank and pay for you to play golf.  You have it made.

Frank, seriously where is the $17.9MM?

Do you bank with these criminals.

First Security?  The one secure thing is, the tax payer isn’t getting their $17.9MM back.

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