First Southern Community Bank Statesboro Georgia

First southern Community, Bank Statesboro Georgia was founded in 2002.  They are on the problem bank list, for hazardous commercial real estate lending.  The Texas ratio is 287%.

Assets are $174MM with equity of $4MM.

The problem loan portfolio is $34MM.  They have $12MM in non accrual construction loans, that alone will wipe them out.

They have $34MM in problem loans with $4MM in equity.

This bank is beyond bankrupt.

Why is this place not closed down?

Net income was ($14MM) in FY10 and ($9MM) in FY09.  They lost another $2.4MM in Q1 2011.

F. David Thomas is the CEO, this guy destroyed 375% of the equity in only 3 years.

David what does the F. stand for ?  I really F$?$*ed up this place in record time.

F$?$*ed is going to be what the tax payer is, when they have pay for the ignorance of F. David Thomas.

How about putting him in the first southern jail!

This place will be bankrupt in a few months.

Do you money in this bank?

You have the Statesboro blues!


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