First South Bank Spartanburg South Carolina

Barry Slider got this place on the problem bank list for hazadous commercal real estate lending

This disaster has $78MM in problem loans with $14MM in equity

Barry wiped out 86% of the remaining equity in Q3 2011

First South Bank Spartanburg South Carolina was founded in 1996.  It is on the the problem bank list for hazardous commercial real estate lending.  Maybe that is why the Texas ratio is 254%.  The stock is delisted.

Assets are $451MM and equity is $14MM.

The problem loan portfolio is $78MM.

Why isn’t this place closed down? It is clearly bankrupt.

They lost $7MM in Q2 2011.

This disaster lost another $11MM in Q3 2011

Barry Slider wiped out another 86% of the equity in the third quarter

There is $80MM in bad loans with $14MM in equity

This place is bankrupt

Take a look at the website, check out all the land they have for sale.

Who in their right mine finances vacant land?

Barry Slider is the CEO, apparently he does.  Although, he doesn’t seem to be very good at it.

Barry Slider has done an admirable job at wiping out the stock holders and running this place into the ground.

Why are they paying this guy?

Is this your bank? Bank with Barry.


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