Oct. 24 at 4:00 AM
$EGBN So the summary of “working through” the challenges is to move
$219M of bad loans to “for sale” and take the loss. At which point they will have
$602M of CRE loans on their books. Of the remaining loans, almost 19% are deemed bad - or trending towards dog crap. So that’s another
$60M. This did nothing but lower the percentage of bad loans based on regulatory terminology. They still own them all. Which means
$279M of dog crap. Oh, and the Chief Credit Officer who has been there a year - he’s seen enough and getting out of town. The new board members specialty is compliance. Something for which they still fail to do (i.e. “disclosures”). They can’t sell this bank fast enough.
