I am continually being asked why Louisa Community Bank was closed by the Bank Regulators and I believe The Levisa Lazer is a good source to answer the question by giving a brief summary of the Bank’s history as follows:
- The Bank was founded in 2006 with 66 investors raising $6,000,000.00 and petitioning Kentucky Department of Financial Institutions for a charter;
- The Bank grew under the Primary direction of Ed Purdom as CEO; Joe Adams as Vice President/Senior Loan Officer; Charlotte Enix as CFO; Patty Carter as Human Resource Officer; and Gene Wilson as President and Chairman of the Board.
- In 2012 the Bank began paying dividends to all the shareholders and again in 2013.
- The Bank Regulators gave management a high rating and no longer felt needed, resigned as President and Chairman of the Board.
- Ed Purdom left the Bank in 2014 and Charlotte Enix became acting CEO with the Bank making a net profit of $656,000.00 in 2014.
- The Board of Directors unanimously approved Howard Sanders for the full time CEO with vast banking knowledge but he was disapproved by Kentucky Banking Commissioner Charles Vice but approved Kevin Mullins with NO CEO experience.
- The Majority Directors namely: Roger Smith, Chairman of the Board from Huntington, West Virginia; Monty Hay, from Ashland, Kentucky; Lonnie Hannah, from Delbarton, West Virginia; David McKenzie, Jr., from Louisa, Kentucky; Kevin Mullins from Tennessee and Joe Kauffman from somewhere in Georgia began depilating the Bank’s capital in 2015 over the majority shareholders objection to no avail.
- In 2016 the majority shareholders attempting to save the Bank, began looking for a purchaser. This resulted in the majority board firing shareholders and officers of the Bank, Patty Carter and Charlotte Enix.
- With no influence with the direction of the Bank and being only 2 of 7 directors Kathy Reid and I resigned approximately 2 years ago.
- In 2019 the Bank Regulators advised management of the Bank (not the shareholders) they needed to raise capital and stop the hemorrhaging of the Bank which was over a monthly loss of $85,000.00.
- The majority shareholders advised the Banking Regulators in 2016 the Bank would fail under existing management and our prediction came true.
- The Majority shareholders believe Kentucky Farmers Bank will be good for our community, although regrettably we lost our investment of $6,000,000.00.
Gene A. Wilson
3rd Largest Shareholder
Really Gene. Who cares about how much money you lost when you only are out for GENE. And where is this sit down restaurant we keep looking for that is better than any hamburger and pizza joint around here
show your tax returns Gene so we can really see how much you lost
Perhaps instead we could get Al Sharptons tax returns and see if he paid that 4.5 million he owes!
Oh man, if people only knew the TRUTH! Half of this is not even close to truth, glad you made yourself look good!
Sounds like you want to put the blame on someone else….. it couldn’t have been bad decisions by you or one of your managers being arrested for pornography …. it has just been mismanaged since it opened. I don’t think anyone feels sorry for you.
If everyone would boycott Genes businesses then maybe just maybe we could get his greedy behind out of Louisa because he doesn’t care for anyone else besides himself. He’s the most selfish disgusting pervert I have ever met in my life and it’s sad that we continue to pay him for being a douche bag in my opinion.
As a stockholder that went to the stockholders meetings and talked to some of the board members, I found the board members where to blame! They gave out bad loans and had no one in the last 5 years trying to collect on past due loans! The last two presidents did nothing except collect there high salaries. The board members need to be held responsible for this failure along with some of the state employees and the ashland courts.
In 2016 the majority shareholders attempting to save the Bank, began looking for a purchaser. This resulted in the majority board firing shareholders and officers of the Bank, Patty Carter and Charlotte Enix.
Lets look at number 8 Mr. Wilson. Please explain how a board of directors fires a shareholder, AKA a stockholder? A member of a board of directors, can ignore the wishes of shareholders, but fire them? I don’t think so Mr. Wilson! Perhaps that was a typo; so you can have an opportunity to explain, if you wish.
And you are a lawyer !! Maybe that is why you do not practice and have to hire someone in your office, By the way, We are still trying to make reservations at APPLEBEES ! People know you better than you do!
While I do not approve of what he or others like big coal owners and other business owners do, we need these scavengers. They lie, they cheat, they look down their nose at us and laugh at us. They provide needed businesses and jobs. We know who they are and what they are but our community needs what they provide so we accept them opening their business or providing their services here. Eventually they get caught or are so greedy they go out of business. But is anyone else willing to step up and open up a few businesses to provide much needed employment in Louisa? Not taking up for them. No I could name a few more. But as in all nature we need scavengers.
Stockholders invest. Organizers and then the Board hire qualified management. Regulators measure risk and compliance and monitor bank performance. Dividends is your first clue greed is driving the business model. 6 million startup capital is the fault of State of Kentucky. As a former CEO having cleaned up problem banks and as a regulator closing failed banks you people should be in jail.