I think my days are numbered (lay offs)

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what is your capital at?

is your loan loss provision killing you or are you experiencing actual losses.........
 
Glad the government already spent 700 billion bailing out the banks. Wait, banks are still closing? It's too bad no one knows where the first 700 billion went.

Sorry for your loss man, it's pretty ugly out there, we've laid off almost everyone at the company I work at and we'll probably close soon too.
 
reverse;2734561;2734561 said:
what is your capital at?

is your loan loss provision killing you or are you experiencing actual losses.........
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i would say its mostly our provision thats killing us with all these declining real estate values

MERCED, Calif.--(BUSINESS WIRE)--Capital Corp of the West (the “Company”) today determined, on a preliminary basis, that it would be required to make a provision for loan losses of approximately $28.5 million in the fourth quarter of 2008, compared with a provision of $11.5 million for the third quarter of 2008. The fourth quarter provision is attributable to continued declines in the appraised values of real property collateral securing loans in the Company’s portfolio, a deteriorating economic environment, downgrades in internal risk ratings, an increase in nonperforming loans and portfolio reviews by third parties including state and federal regulators. Absent further adjustment, the estimated cumulative provision for loan losses for the year ended December 31, 2008, will be approximately $55.4 million.

Additionally, County Bank (the “Bank”) filed its fourth quarter Call Report today with banking authorities. According to the Call Report, preliminary results of operations for 2008 reflect a loss for the year of approximately $96 million, compared to a loss of $2.7 million for 2007. For the fourth quarter of 2008, the Bank incurred a loss of approximately $35.1 million, compared to a loss of $14.3 million for the fourth quarter of 2007. The provision for loan losses in 2008 was $55.4 million, compared to $29.8 million in 2007. Total nonperforming loans at December 31, 2008 were approximately $109 million, or 9% of total loans, compared to $54 million, or 3.6% of total loans at December 31, 2007. The allowance for loan losses at December 31, 2008, was approximately $38.2 million or 3.1% of total loans, compared to $35.8 million, or 2.4% of total loans at December 31, 2007.

As a result of the provision and subject to completion of its year-end review, the Company expects that the Bank’s capital ratios at year end will fall into the “undercapitalized” category under federal capital guidelines. The Bank believes that it needs to raise approximately $75,000,000 in new capital in the near future in order to be capitalized at acceptable levels. The Bank will convert $20,000,000 of tier 2 capital (in the form of a subordinated note) to tier 1 capital upon the Company’s contribution of the note to the Bank. If this adjustment had been effective at December 31, 2008, the Bank’s tier 1 risk-based capital ratio and its leverage ratio would have been in the adequately capitalized category, but its total risk-based capital ratio would have been approximately 6.53%, which is in the undercapitalized range, and the Bank would still be classified as undercapitalized. Except for this adjustment, neither the Company nor the Bank has any investment or sale proposal under active consideration that is likely to result in a successful recapitalization.

As a result of its failure to improve its capital position, the Bank is not in compliance with regulatory agreements requiring additional capital. As previously reported, uncertainty regarding the Company’s ability to obtain additional capital raises substantial doubt about the Company’s ability to continue as a going concern. As a result of the Bank’s cumulative losses, capital position and noncompliance with its regulatory agreements, the Bank’s state and federal banking regulators may take further significant regulatory action.

The FDIC’s general deposit insurance rules raised deposit insurance coverage to $250,000 per depositor (with separate coverage for joint accounts) per insured institution through December 31, 2009. In addition, under the Transaction Account Guarantee Program, the FDIC provides full coverage for (i) non-interest bearing transaction deposit accounts, including all personal and business checking deposit accounts, (ii) NOW accounts earning interest rates of 50 basis points or less and (iii) all attorney client trust accounts through December 31, 2009.

The Company is a one bank holding company with the Bank as its principal subsidiary comprising substantially all of the Company’s assets and business. As a result, the Company was also classified as undercapitalized as of December 31, 2008. As a one bank holding company, the Company’s solvency is dependent primarily on the Bank’s ability to continue as a going concern.
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Mystus Redtail;2734595;2734595 said:
Glad the government already spent 700 billion bailing out the banks. Wait, banks are still closing? It's too bad no one knows where the first 700 billion went.

Sorry for your loss man, it's pretty ugly out there, we've laid off almost everyone at the company I work at and we'll probably close soon too.
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thats the thing, they havent really spent it. there are countless banks waiting for a reply regarding the TARP that was authorized. only the biggest banks have received money, like BofA. all the other smaller banks, including us, are waiting to hear back
 
You guys are done..........sorry to hear that.

I am in the process of merging our little CU into a bigger, one that has capital.


I know the FDIC just sent their special actions team out to California, just for this type of situation.

As some deposits leave it will actually help your capitalratios but that is a delicate line, too much money gone and the FDIC will take you over.
 
reverse;2734625;2734625 said:
You guys are done..........sorry to hear that.

I am in the process of merging our little CU into a bigger, one that has capital.


I know the FDIC just sent their special actions team out to California, just for this type of situation.

As some deposits leave it will actually help your capitalratios but that is a delicate line, too much money gone and the FDIC will take you over.
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yeah i kinda figured that, i guess im just in denial about it so far. here's our 12/31/08 call report if youd like to see it

https://cdr.ffiec.gov/Public/ViewPDFFacsimile.aspx
 
jcardona1;2734419; said:
yeah man i here ya. i have the experience, but in my field, there's no jobs here. in my field, i need to be working for a big public corporation. all we got here are small mom-n-pop shops
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Depending where you live Research in Motion is looking for lots of people. Always good working there. What do you do exactly? I know they are looking for people with software testing, programming or electrical engineering.
Check out their website, you might find something useful I haven't checked what they had to offer in quite some time.
www.rim.com
I am a coop/intern at their head office in Waterloo, awesome place to work IMO.
 
sp33dstix;2734649;2734649 said:
Depending where you live Research in Motion is looking for lots of people. Always good working there. What do you do exactly? I know they are looking for people with software testing, programming or electrical engineering.
Check out their website, you might find something useful I haven't checked what they had to offer in quite some time.
www.rim.com
I am a coop/intern at their head office in Waterloo, awesome place to work IMO.
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yeah thats a little out of my area, but thx though! i do SOX compliance / internal audit
 
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