The financial institution was at Such bad Financial Position That Its Application for a Taxpayer Bailout had been Withdrawn After Being refused

The financial institution was at Such bad Financial Position That Its Application for a Taxpayer Bailout had been Withdrawn After Being refused

  • Charleston Business Reported That First National Bancshares “Withdrew” Its Application For TARP Funds “Because Of Concern That Its Magnitude Of Nonperforming Assets Might Trigger Rejection.” “Like the Southern Financial Group, First National happens http://personalbadcreditloans.net/reviews/speedy-cash-loans-review/ to be struck difficult by deteriorating real estate assets, especially over the shore. It increased its supply for loan losings in 2008 from $1.4 million to $20.5 million. Nonperforming assets expanded to $75.5 million, or10.9% of loans as well as other property owned, in contrast to 3% in 2007 and 0.15percent in 2006. The financial institution recently withdrew its application for TARP funds through the government that is federal of concern that its magnitude of nonperforming assets could trigger rejection.”
  • Very First National Bancshares Withdrew Their Application For TARP Funds Just When They Were Refused. “Our application for involvement into the TARP Capital buy Program is not accepted. Consequently, we now have withdrawn our application.”

…Meanwhile, Adams had been Paid almost $70,000 to go to Board and Committee Meetings For First National Bancshares:

  • 2009: $3,200
  • 2008: $23,900
  • 2007: $20,400
  • 2006: $20,400

Very First Nationwide Bancshares Inc. Continue reading “The financial institution was at Such bad Financial Position That Its Application for a Taxpayer Bailout had been Withdrawn After Being refused”