Eastern Virginia Bancshares Tappahannock, VA Joe Shearin took $24,000,000 of tax payer money Joe made $56,000,000 in bad loans Joe makes $438,000 to take out your money Joe is a criminal

This is Joe Shearin CEO, took $24MM of your money, which he won’t pay back

Joe made $438k for making $56MM in bad loans

He lost $18MM in the last 2 years, how is he going to pay $24MM back?

Eastern Virginia Bancshares Tappahannock, VA was founded in 1910.  The company took $24MM in tax payer funded bailout money, which they have neglected to pay back.

They have $1B in assets with $85MM in supposed equity.

However, the $24MM of equity from the tax payer bailout funds is actually debt not preferred stock.  This results in an actual equity base of $61M.

The problem loan portfolio consists of $20MM of loans that are 30-90 days past due, with $36MM on non accrual and $11MM in OREO.

So they have $56MM in problem debt and only $61MM in equity.

This bank is technically insolvent, how come they are not on the problem bank list?

The financial performance was not exactly stellar.  Net income was ($10MM) in FY10 and ($8MM) in FY09.

Based on these results, how are they going to pay the tax payer back $24MM, they can’t.

Thankfully, the executives are still being well compensated.

Joe Shearin    made $438K

James Hackett   made $197

Pretty good salaries for destroying a 101 year old institution.

So Joe Shearin loses $18MM, runs up $64MM in bad loans, steals $24MM from the tax payer and pays himself $438k to do this. Only in America

They have forgotten to post the annual report on the website since 2008. Probably to busy losing money for such nonsense.

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2 Responses to “Eastern Virginia Bancshares Tappahannock, VA Joe Shearin took $24,000,000 of tax payer money Joe made $56,000,000 in bad loans Joe makes $438,000 to take out your money Joe is a criminal”

  1. Aracelis Machens Says:

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