The lender was at Such bad Financial Position That Its Application for the Taxpayer Bailout had been Withdrawn After Being refused

The lender was at Such bad Financial Position That Its Application for the Taxpayer Bailout had been Withdrawn After Being refused

  • Charleston Business Reported That First National Bancshares “Withdrew” Its Application For TARP Funds “Because Of Concern That Its Magnitude Of Nonperforming Assets Might Trigger Rejection.” “Like the Southern Financial Group, First National was hit difficult by deteriorating real estate assets, specially across the coastline. It increased its supply for loan losses in 2008 from $1.4 million to $20.5 million. Nonperforming assets expanded to $75.5 million, or10.9% of loans along with other estate that is real, weighed against 3% in 2007 and 0.15percent in 2006. The lender recently withdrew its application for TARP funds through the government that is federal of concern that its magnitude of nonperforming assets might trigger rejection.”
    • Very First National Bancshares Withdrew Their Application For TARP Funds Just When They Were Rejected. “Our application for involvement into the TARP Capital buy Program will not be accepted. Consequently, we now have withdrawn our application.”

…Meanwhile, Adams ended up being Paid almost $70,000 to go to Board and Committee Meetings For First National Bancshares:

  • 2009: $3,200
  • 2008: $23,900
  • 2007: $20,400
  • 2006: $20,400

Very First Nationwide Bancshares Inc. SEC Filings, www rise credit loans accessed 8/21/14

Adams happens to be Active in Conservative Politics – Associating Himself utilizing the Many Conservative users of the GOP

  • Adams Served Up To Speed Of Conservative Think Tank In Southern Carolina Established By Jim DeMint. “Retired U.S. Sen. Jim DeMint, president-elect of just one for the nation’s prominent conservative think tanks, has created a conservative think tank in sc. DeMint, a Greenville Republican whom spent 13 years in home and Senate, is spending $300,000 from their campaign that is remaining money establish the Palmetto Policy Forum. He will also act as chairman…The Heritage Foundation, where DeMint is president-elect, is using the services of state-based policy teams across the national nation, he said…C. Dan Adams, president and executive that is chief of the main city Corp.”McClatchy, 2/6/13; Palmetto Policy Forum, accessed 8/21/14

Adams Has Assisted Several Politicians Raise Cash

  • August 2011: Adams Planned To Hold Fundraising Reception For Rick Perry. “Texas Gov. Rick Perry are going to be speaking with sc voters and asking some to attain to their pouches as he makes their swing that is two-day through state this week. The GOP presidential candidate will attend a fund-raiser at a private residence just outside Greenville that same evening in addition to headlining a fund-raiser for the South Carolina Republican Party in downtown Columbia Friday. Based on a content associated with invitation that is fund-raising by CNN, a reception with Perry will likely to be held during the house associated with Capital Corporation President and CEO Dan Adams. ‘Sponsors’ will probably pay $5,000 per few, and ‘hosts’ will chip in $2,500 per couple or $1,000 per individual.”
  • Adams Served On Governor Nikki Haley’s Finance Advisory Committee. “Governor Nikki Haley today announced a statewide finance committee that is advisory. The committee, made up of thirty-two business leaders from all over sc, can help Gov. Haley get ready for a possible re-election bid.”

Adams Has added at Least $264,700 to effective Politicians and interest that is special

It offers paid for other individuals too. Over time, Adams has added at the least $264,700 towards the promotions of effective politicians and interest that is special, that have additionally donated big amounts of cash into the promotions of elected officials.

Unique many many thanks to National People’s Action for enabling Allied Progress to make use of its research that is extensive on lending industry professionals.

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