Wednesday, December 24, 2008

San Joaquin Bank update

Recent SEC filing by SJB:

On December 19, 2008, San Joaquin Bank (Bank), a wholly owned subsidiary of the Registrant, entered into a consulting agreement with Melvin D. Atkinson (Agreement), who has been an outside director of the Bank since 2005 and a director of the Registrant since its formation in 2006.

The Agreement engages Atkinson to analyze and review the Bank's impaired real estate loans and to negotiate with the obligors under such loans to reduce amounts outstanding. Atkinson will be compensated at the rate of $175 an hour for his services and he will also receive an additional fee equal to 1% of the first $3.0 million received by the Bank and 0.75% of amounts received in excess of $3.0 million. The Agreement is subject to compliance with applicable law and terminable by either party at any time upon written notice.

Recall one of my previous posts where they actually lowered their loan loss reserves at the end of 2007.


Rob Dawg said...


A new word. My thanks.

Bakersfield Bubble said...

KEY EXECUTIVES Compensation (per yahoo in 2007)

Mr. Bruce Maclin , 66
Chairman, Chief Exec. Officer and Chairman of San Joaquin Bank $1,223,000(cash and stock)

Mr. Bart Hill , 58
Pres, Director, Chief Exec. Officer of San Joaquin Bank, Pres of San Joaquin Bank of San Joaquin Bank $1,061,000 (cash and stock)

Perfect Storm said...

Hey Crispy,

Sounds like a serious FAS 114 analysis, went back to auditing banks myself, noticed the FDIC coming down hard on any loan below collateral, dosen't even matter if the payments are on time and they have personal guranty of trillion dollars. I expect major write downs, I guess will really know when San Joaquin issues financials.

xs10shell said...

I don't get this. Is this the MD Atkinson real estate company? The guy was a director of this bank? why did he let them make the loans in the first place. Oh - RD - I think you meant "much obliged". And I guess we're "obloggers".

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