Security Financial Bank Durand Wisconsin

Security Financial Bank, Durand Wisconsin was founded in 1934.  The company is on the problem bank list.

Assets are $303MM with equity of $27MM.

The problem loan portfolio is $14MM.

The problem loan portfolio, has the potential to effectively wipe out a significant percentage of the equity base.

Net income was $606k in FY10, ($6MM) in FY09 and $350k in FY08.  They aren’t going to earn their way out of this mess.

Jim Mayo is the CEO, the bank was able to survive the Great Depression. It will be interesting to see if the bank can survive Jim Mayo.

Do you have money in this place?

Financial Security is the one thing this bank doesn’t provide.

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