Mercantile Bank Quincy Illinois

They lost $9,600,000 in Q4 2011 wiping out 26% of the remaining equity in only 90 days

This disaster has $30,000,000 in junk loans with only $36,000,000, it looks bankrupt!

This Ted Awerhamp, he is the CEO of this bankrupt disaster

Ted is on the verge of bankrupting a 100 year old bank

Ted makes $357,000 a year

Ted is sitting on $43,000,000 bad loans, this should wipe out the remaining $46,000,000 equity

Ted was smoking some AwerHEMP when he made these loans

This idiot lost $100,000,000 in only 3 years?

How about putting this bankster in jail?

Ted got this place on the problem bank list

Mercantile Bank, Quincy Illinois was founded in 1906.  It recently became a member of the problem bank list.  The Texas ratio is 76%.

This is Daniel Cook he makes $196,000 a year

He is trying to wipe out  a 100 year old bank

Assets are $971MM, with equity of $46MM.

This is Michael McGrath, he makes $196,000 a year to run this place into the ground

The problem loan portfolio is $43MM.

It looks like this thing is insolvent.

Why isn’t this bank closed down.  Well the regulators, just realized it had serious problems.

They had a negative tangible net worth at FYE10, and they weren’t on the problem bank list.

Net income was ($44MM) in FY10, ($58MM) in FY09 and ($8MM) in FY08.

They might have run this place into the ground, but the executives paid themselves well.

Ted Awerhamp         made  $357k

Michael McGrath    made $196k

Daniel Cook               made $196k

This includes car allowances.

That is good pay, for bankrupting a 105 year old bank.

Ted you get paid $375k to lose $110MM in 3 years and bankrupt this company, who is better than you?

Do you have money in this bankrupt entity?

This place is an unmitigaged disaster. Thanks Ted.


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