One Georgia Bank Atlanta Georgia

One Georgia Bank, Atlanta Georgia was founded in 2006.  That was one savvy time to start a bank. This place is a disaster.  They took $5.5MM in tax payer funded bailout money.  The bank has never even made one interest payment on this money.  Six months after giving them $5.5MM, the government put them on the problem bank list. The Texas ratio is 353%.  They are also on the under capitalized bank list.

Assets are $186MM with supposed equity of $3.7MM

The actual equity is ($1.8MM), the $5.5MM they took from the tax payer is debt, not so called preferred stock.

This place is bankrupt.

Why aren’t they closed down?

Hold on it gets better.  The problem loan portfolio is $54MM.

So, this place has $54MM in bad loans and ($1.8MM) in equity.

Again, why isn’t this bank closed down?

Net income was ($1MM) in FY10, ($18MM) in FY09 and ($3MM) n FY08.

How long will it take them to pay back $5.5MM?

The management team wiped out 667% of the equity in 3 years.

This is One Zombie Georgia bank.

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2 Responses to “One Georgia Bank Atlanta Georgia”

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