Monroe Bank & Trust is in trouble
Posted in the Monroe Forum
#1 Jan 1, 2010
MBT has sadly gone down hill ever since the old guard management team (Keck, Sunderland, Weaver) retired. The LaBeau and Chaffin management teams piled up risky loans, added an unheard of number of new high-paid and unneeded employees, and built an unneeded EXPENSIVE main office. They still have a ton of weak loans on the books that will result in losses. The management team doubled their salaries when they realized what they had done, then showed how "responsible" they were by freezing salaries. The bank had zero losses related to investments in half a century, now they are writing off millions, and that is aside from the loan related losses that are several times higher than their peers. The CEO and CFO do not understand how to manage risk. In addition, they sold performing assets at a "profit" to cover these losses. The management team needs to do the right thing and resign. It's the economy you say? Monroe CC Credit Union continues to operate at a healthy profit in the same market. Depending upon how much in loan losses may be buried on their books, the Feds may come knocking soon. Not so sure any bank would want to buy them once they see what lies buried on their balance sheet. Fortunes were lost due to this mess.
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