Was this a good or bad sale?
at 35% discount to foreclosure amount of $4.3 million in 2011, after 3 years sitting non-performing on their books.... to what amount was this written down to or charged off to? probably right around $2.8 million value, in my opinion...
worst case, CBKS recovered what was left sitting on their books (+/- 5%)but CBKS is not in the real estate business and needs to sell off these foreclosed properties. This transaction represents about 15% reduction of their total non-perf. assets, that's good.
Trend of capital ratio improvements is encouraging and I agree that CBKS should be allowed to earn their way back into compliance within the next 2-3 qtrs.
good luck
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