First State Bank Gothenburg Nebraska

where is the $7.5MM you took from the tax payer?


First State Bank, Gothenburg Nebraska was founded in 1906.  The company took $7.5MM in tax payer funded bailout money, which they won’t pay back.

Assets are $289MM, with $39MM in supposed equity.

The actual equity is $31.5MM, as the $7.5MM is debt, not preferred stock.

The problem loan portfolio is $23.5MM.

With $23.5MM in bad loans and $31.5MM in equity, this place deserves a place on the problem bank list.

This bank is probably technically insolvent.

Net income was $2.6MM in FY10 and $2.6MM in FY09.

How come, they haven’t used this income to repay the tax payer?


Tags: , , ,

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: