East Carolina Bank Engelhard North Carolina

This is Dwight Utz he took $17MM in bailout money

The bank made $200k in FY10 and ($400M) in FY09, how the hell long will it take them to pay back $17MM

Dwight makes $311k, good pay for wiping out a 92 year old bank

This is Thomas Crowder the CFO he makes $231,000 a year

Thomas owes the tax payer F$$ing $17,000,000

Thomas you are wiping out a 100 year old bank

East Carolina Bank Engelhard, North Carolina was founded in 1919.  The company took $17MM in tax payer funded bailout money, which it has decided not to repay.  It is not on the government problem bank list.  I guess not paying back the tax payer back, is not a problem.

The company has $919MM in assets with $80MM in equity.

The actual equity is $63MM as the $17MM in bailout money is debt not preferred stock, despite the fact that they won’t repay it.

There are $23MM in problem loans.  The non accrual alone could eradicate a large part of the equity position.

Net income was ($200K) in FY10 and $499K in FY09.

These crooks owe you $17,000,000

Based on this financial performance, how are they possibly going to pay back the tax payer’s $17MM?

Fortunately, the executives haven’t suffered or made any effort to pay back the tax payer.

Dwight Utz               made $311K

Thomas Crowder  made $231K

James Burson         made $204K

At least these boys are well taken care of.

They have made a good effort at wiping out a 92 year old institution.

Is this your bank?

Dwight Utz?

Dwight got paid all right, for running this place into the ground.

Dwight, when are you going to pay back the tax payer the $17MM you stole

Do you have money in this bank?

Next time you go into the branch, ask them when they are going to stop paying Dwight Utz for his incompetent management, and pay back your $17MM in tax payer money.

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ECB Bancorp, Inc. Announces Termination of Securities Purchase Agreement
Company Release – 02/08/2012 18:24
ENGELHARD, N.C.–(BUSINESS WIRE)– ECB Bancorp, Inc. (the “Company”), the parent company of East Carolina Bank (the “Bank”), today announced that the Company and FIE I LLC, an affiliate of PIMCO BRAVO Fund, L.P. (“BRAVO Fund”), Patriot Financial Partners, L.P. (“Patriot”), an affiliate of Endicott Management Company (“Endicott”) and three other institutional investors (collectively with BRAVO Fund, Patriot and Endicott, the “Investors”) mutually agreed to terminate their previously reported Securities Purchase Agreement, as amended and restated (the “Agreement”). As previously disclosed, the Company and each of the Investors had entered into the Agreement under which the Company would issue $79.7 million in Company common stock in a private placement offering at a price of $16.00 per share. Pursuant to the terms of the Agreement, the Company had also agreed to issue to the Investors warrants to purchase shares of either voting common stock or a new class of the Company’s mandatorily convertible non-voting common stock at a purchase price of $8.00 per share and in an amount equal to 25% of the number of shares of common stock each Investor would purchase in the Offering. Not all the required regulatory approvals necessary to complete the transaction had been received by all of the Investors as of the termination date.Despite the termination, the Company and the Investors expect to work on an alternate private placement offering. No assurances can be made that a new securities purchase agreement can be reached between the parties or that the terms and conditions of any such new agreement, including the purchase price, would not differ materially from the terms of the prior Agreement.ECB Bancorp, Inc.
A. Dwight Utz, President and CEO
252-925-5509 Office
800-849-2265
or
Thomas M. Crowder, Executive Vice President and CFO
252-925-5520
252-925-8491 facsimileSource: ECB Bancorp, Inc.
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5 Responses to “East Carolina Bank Engelhard North Carolina”

  1. georgesblog360 Says:

    That’s one way to keep the bank solvent. The taxpayers can lose their jobs and homes, but that’s not what banks are about. They’re in the wealth transfer business.

    http://georgesblogforum.wordpress.com/2011/11/02/the-daily-climb-2/

  2. The Daily Climb « georgesblogforum Says:

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