Nantahala and Macon Banks-how are they doing?

Posted in the Greenville Forum

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1 - 7 of 7 Comments Last updated Apr 22, 2013
Harry Golden

Burnsville, NC

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#1
Oct 17, 2011
 
Both Nantahala Bank and Macon Bank have put out current stock offerings.

Does anybody know how they are doing? Why are they offering stocks again?

What are their future plans?
Barney Feife

Franklin, NC

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#2
Oct 17, 2011
 
You offer stocks because you need money! Macon Bank has some problems, like "Wildflower", foreclosured property they are stuck with, etc. Nantahala is not in good shape, same problems. They raise $$$$$$$ with stock offerings because they aren't making enough to make payroll/business expenses, look for a buyout of one or both!
Barney Feife

Franklin, NC

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#3
Oct 22, 2011
 

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Foreclosures, Foreclosures, Foreclosures are causing financial woes at both Macon and Nantahala. They loaned lots of money to "developers" and are now getting stuck with worthless property, thats the reason they both are trying to raise money with stock sales, something they said would never happen. Foreclosed properties come with expenses for upkeep, taxes, etc. Look for Nantahala to be sold, maybe Macon too!
Harry Golden

Mars Hill, NC

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#4
Oct 22, 2011
 

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I've heard that the intent from the beginning was to sell Nantahala. It was an interim place for Vanderwoude to manage his investments on both side of the by-pass, but it appears that Sawmill Village is on hold as well as the planned development across from the Super WalMart site that is bulldozed but is now at a standstill.
Failing

Knoxville, TN

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#5
Apr 7, 2013
 
Just check the FDIC website, it is public knowledge. The site will show you the status of any bank. I looked both up myself, it was no surprise both are under review. Wells Fargo is by far the strongest bank around. If you're concerned & looking to make a move Wells Fargo is your best option.
Tom J

Asheville, NC

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#6
Apr 22, 2013
 
Failing wrote:
Just check the FDIC website, it is public knowledge. The site will show you the status of any bank. I looked both up myself, it was no surprise both are under review. Wells Fargo is by far the strongest bank around. If you're concerned & looking to make a move Wells Fargo is your best option.
Wells Fargo is HUGE, though, and not comparable to the small Nantahala and Macon Banks.
Tom J

Asheville, NC

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#7
Apr 22, 2013
 
Barney Feife wrote:
Foreclosures, Foreclosures, Foreclosures are causing financial woes at both Macon and Nantahala. They loaned lots of money to "developers" and are now getting stuck with worthless property, thats the reason they both are trying to raise money with stock sales, something they said would never happen. Foreclosed properties come with expenses for upkeep, taxes, etc. Look for Nantahala to be sold, maybe Macon too!
Barney, you are mixing apples and oranges. People invested in Nantahala for its growth potential. Macon is an old bank but still small by choice. Being the new kid in town, Nantahala has always sold stock, Macon only periodically. Macon is in trouble for several reasons, outstanding loans being one of them. Nantahala is still new, with a different set of problems, not like Macon at all, and Nantahala did not get caught up in the huge Wildflower debacle like Macon.

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