The Washington Savings Bank Bowie Maryland

This is Phillip Bowman he ran this place into the ground

Phillip gets paid $295,000 to bankrupt this place

This place is history

The Washington Savings Bank, Bowie Maryland was founded in 1982.  The company is on  the problem bank list.  The Texas ratio is 42%.

Assets are $407MM and equity is $49MM.

The problem loan portfolio is $26MM.

The problem loans could wipe out a significant amount of the equity base.

Despite racking up a huge level of problem loans, the executives paid themselves well.

Philip Bowman   made  $295k

Kevin Hoffman   made $187k

Susan Grant         made $189k

That is pretty good pay for making all these bad loans.


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