Syringa Bank Boise Idaho

 

Might as well make Wavey the CEO, he can’t be any worse than Scott Gibson, that guy is a disaster

 

Syringa Bank, Boise Idaho was founded in 1997.  The company is on the problem list.  The Texas ratio is 92%.  The stock is delisted.

Assets are $223MM and equity is $13MM.

The problem loan portfolio is admirable.  The have $13MM in problem loans.

I guess that means the equity position is seriously compromised.

Why isn’t this place put out of it’s misery.

Not only does this bank make tons of bad loans, they lose a lot of money.

Net income was ($1.8MM) in FY10 and ($26MM) in FY09.  They lost another $536k in Q1 2011.

Get this, they lost another $2.8MM in Q2, they wiped out 25% of the equity in 3 months.  They equity position is down to $10.6MM.

Scott Gibson is the CEO.

Scott was able to wipe out the stockholders, rack up a boat load of bad loans and run this place into the ground, all at the same time.

Is this your bank”

This place could use a syringe, to take it out of it’s misery

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