here is the filing from March pertaining to the seizure. what happenned here is one subsidiary was closed by the state of Georgia and put into receivership of the FDIC, along with its NOL's, yet the other subsidiary of the bank, Appalachian Community Bank, although closed, was never put in receivership. APAB went into default on a loan covenant, (4.9 million dollars in total). http://www.sec.gov/Archives/edgar/data/1019883/000119312510065886/d8k.htm Strangely enough, only a month before, they raised about $2mil by issuing stock to Charles Edmondson for 50 cents on the dollar (this is on a stock that only had 5 million total shares).
here is a link to the chronological filings. Take some time to go through it carefully in order. Although this may be winding down, it hasn't gone bankrupt. There are a handful of players with large percentages of the float. At the very least it's an attractive shell, but the continuing ownership and Hensley's SUDDEN emergence is intriguing. http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001019883&owner=exclude&count=40
what really gets me here is that Jett and other directors all come from a banking background. But Hensley has absolutely no banking experience and just arrived out of nowhere as President which is a position that supercedes Jett's 16k/month role. Jett was COO before CEO. I think Jett is just "winding down" (as stated in March filing) and Hensley is here to take a newco in a new direction. Why else would he be President now ? Like Edmondson he's an investor in the 2015 notes and a COMMON shareholder. http://www.sec.gov/Archives/edgar/data/1019883/000119312510164824/d8k.htm Appointment of Principal Officer
On March 30, 2010, the APAB Board of Directors (the “Board”) appointed Joseph C. Hensley, age 52, as APAB’s President. This appointment was effective as of March 30, 2010, and Mr. Hensley is not in any way compensated for his service as President. Mr. Hensley also currently serves as a director of APAB and its wholly owned subsidiary Appalachian Community Bank, F.S.B. (the “Thrift”) and as Chairman of the Board’s Audit Committee.
Mr. Hensley has years of experience in the real estate industry. He has been vice president of and a principal in A.S. Dover Construction, Inc., A.S. Dover Development, Inc., and A.S. Dover Properties, Inc., since 2002. He is also a Manager of MountainCraft Homes, LLC; vice president of Dover Development, LLC; vice president of Legacy Mountain Properties, LLC; vice president of Clear Creek Properties, LLC; vice president of A.S. Dover Investments, LLC; and vice president of High Point Realty, Inc.
As previously disclosed in the Schedule 13D filed by APAB on November 9, 2009, APAB and Mr. Hensley executed an agreement on October 28, 2009, to issue 857,142 shares of APAB common stock, $.01 par value per share, in exchange for $428,571 aggregate principal amount of Appalachian Community Bank Fixed Rate Subordinated Notes, due September 30, 2015.
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