KS Bank Smithfield North Carolina

KS Bank Smithfield North Carolina was founded in 1924.   The company took $5MM in tax payer funded bailout money, which it won’t pay back.   The Texas ratio is 53%.  The stock is delisted.

Assets are $334MM with equity of $30MM.

The actual equity is $26MM, as the $4MM in tax payer funding is debt not preferred stock.

The problem loan portfolio is $31MM.

Hold on they have $31MM in problem loans with only $26MM in equity and they aren’t on the problem bank list?

This place is insolvent.

Why are they not on the problem bank list?

Harold Keen is the CEO.

Harold, where is the $4MM you stole from the tax payers?

Harold you took tax payer money, which you won’t pay back, and wiped out the stockholders.

Do you have money in this bank?

KY bank, lubed by tax payer money.

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