Normally, it's bad when you lose money.
But when you have sales of roughly $3.8 million and you have a loss of $5.2 MILLION, you are so spectacularly mismanaged that it's more evidence of a criminal organization or scam than any kind of incompetence.
That is of course unless you're Americana Community Bank.
To continue my gloating (and to remind Cappy Cap readers), this was the bank that 3 years ago said while I was being interviewed;
1. "We don't have any problems in our real estate portfolio."
and
2. Hired my ex boss instead of me for the position.
and
3. Received a cease and desist order last year.
Here's their financials if you're interested. Good God and Gravy. What's sad is it really isn't a criminal enterprise or some kind of scam. They just are really that incompetent.
Who received the cease and desist order? And for what?
ReplyDeleteHere's their cease and desist order;
ReplyDeletehttp://www.fdic.gov/news/news/press/2009/pr09132.html
Hey, Captain -
ReplyDeleteIt's been over a year since the C&D was issued and the financials still look bad.
So, why hasn't the FDIC closed them down and have a competent bank take them over?
You got me. I don't know the regulatory aspect of the FDIC that well. If I were left to guess I would say they're understaffed and where are you going to find good management in the banking industry let alone enough "good banks" to take them over. Pretty much the entire industry is corrupted. I remember them having to pull a guy out of retirement to manage a small no name bank (whose name escapes me now) they took over up in North Branch. That's a small, petty one branch bank, now multipy that by 400 and you can see the shortage of people (and good banks) withOUT their heads up their asses needed to fill the gaps.
ReplyDelete