Center Bank of Jacksonville Jacksonville Florida

Raymond Mason

Center Bank of Jacksonville, Jacksonville Florida was founded in 2001.  It didn’t take this team long to bankrupt this place.  For some reason, they aren’t on the problem bank list, a Texas ratio of 81%, doesn’t cut it anymore in Florida.

Assets are $169MM with equity of $15MM.

They have $21MM in problem loans.

So, if they have $21MM in problem loans and $15MM in equity, won’t that make them insolvent.  I guess not according to the regulators.

Besides making bad loans, these clowns are great at losing money.  Net income was ($3MM) in FY10, ($6MM) in FY09 and ($10MM) in FY08. Hold on, they lost another $4MM in Q1 2011.

Raymond Mason, the CEO, has done a great job at destroying this bank at a record pace.

Check out the website under news, there has been no news since 2008.  That is about when they started losing all the money.

Do you have money in this debacle?

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