Advantage Bank Cambridge Ohio

This is James Huston the CEO

James got this place on the problem bank list for “detrimental management practices”

He got paid $614k to wipe out a 120 year bank and lose $25MM in the last 2 years

This is one fat cat bankster. How many chins does this guy have?

Advantage Bank Cambridge Ohio was founded in 1891.  The company is on the problem bank list and has entered into a cease and desist agreement on 7/31/09.  Among adverse practices cited were management policies that were detrimental to the bank, inadequate capital, excessive delinquent loans and get this “hazardous lending practices? “Advantage Bank” how about disadvantage bank. The Texas ratio is 65%

The company has $816MM in assets and $47MM in equity

Problem loans consist of $7MM in loans past due 30-90 days with $40MM in non accrual and $10MM in OREO.

Net income was ($14MM) in FY10 and ($11MM) in FY09.

So this company has $47MM in bad debt supported by $47MM in equity

This place is insolvent, why has it not been shut down?

Have no fear, the executive compensation has not been impacted.

James Huston made $614K

David Caldwell made $185K

Tony Greenwalt made $176K

So James Huston destroyed a 120 year institution and was paid $614K to wipe this place out, not a bad gig.

It must be cool to engage in “hazardous lending practices” and get paid $600K a year, that is and advantage!

It looks like the regulators are keeping an eye on things.

Do you have money in this disaster?

Call James Houston, it is not bad to charge $614k to lose $25MM.

He wiped out 53% of the equity in only 3 years.


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4 Responses to “Advantage Bank Cambridge Ohio”

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