Published Tuesday, September 30, 2008 12:58 PM
Updated Tuesday, September 30, 2008 12:59 PM
I read with interest the recent letter attacking me because I helped organize Summerville National Bank.
Since this letter from my opponent's campaign was a deliberate attempt to mislead voters about my business background, I would like to set the record straight.
Twenty-three years ago, in 1985, I was one of 12 organizers and charter directors of Summerville National Bank. The bank was initially successful; but like other institutions, faced financial challenges when a real estate market decline occurred, causing numerous borrowers to default on their loans.
To get the bank back on sound footing, Summerville National Bank charged off bad loans and strengthened its loan loss reserve. Two institutions attempted to buy the bank, which was sold to First Citizens in 1995.
It is important to note that EVERY single stockholder recovered their investment and made a profit. During the period of restructuring, directors took no fees at all for the endless hours we put into the effort.
Because of our success in developing and implementing a restructuring plan to overcome that financial crisis, I was invited by the Office of Comptroller of the Currency in Atlanta to speak to potential organizers of new national banks. On behalf of all of the local businessmen who worked together tirelessly, I was happy to tell our story: analyzing the economic factors that caused the bank to get into difficulty, and explaining how we restructured to restore the bank to financial soundness and subsequently sold it... at a time when other national banks around the country were failing.
As you can see, the truth is substantially different from the deceptive version published by the campaign of my opponent, Mike Rose.
I challenge former Senator Rose to recount HIS business dealings with Summerville banks.
Bill Collins
Sumter Avenue
Summerville
Why won't Rose make a public comment about his banking if he is so innocent? : 10/6/2008
Mike, are you innocent of what has been said with your banking past?
Write this one down: Mike looks out for Mike : 10/6/2008
Don't believe it, just follow the past. He'll put a booter in your cooter!
Loans paid off? : 10/6/2008
Would it be fair to say his loans might have been paid off by his excel scam?
Tortoise : 10/5/2008
What a lie, or is it slander?! We know that is not true. I have heard that lie so many times. I know the facts. You conveniently leave out that he sold that business and was released from any loans from that business because the new owner's took over everything. Mike Rose has NEVER defaulted on any bank loan. His wife had NOTHING to do with his release from the note. The board released him. Please grow up and refrain from such lies. We are intelligent voters in Dorchester County. Thank You!
Did Rose ever file bankruptcy, ie. chapter 7, 11, 13? : 10/1/2008
Curious, did Mike ever file bankruptcy due to his dealings with local banks and loans he couldn't repay? Just wondering.
Come on Rose supporters, you know Rose is a sleeze! : 10/1/2008
Give me a break. Rose sold his video gaming business then married the bank loan officer (who had resigned) shortly after the video gaming loan went bad. Bank stockholders (yours truly) lost money due to the Rose loan. So there it is. Don't pee down my back and tell me its raining. Mike always looks out for Mike. David you will find this out sooner or later.
: 9/30/2008
Bill, Shame on you! Your last line. Are you trying to be a school yard bully? Mike is obviously in good standings with banks. He has campaign loans. I am sure campaign loans are harder to get than a mortgage. Especially this past year.
: 9/30/2008
Bill, Do you really think Mike Rose is out to get you? I can assure you he is more concerned about the issues facing our community and has and will continue to help all of those in this county that need a voice against the good old buddy system. What is your real change? If Randy Scott had won you would not be in this race. If you were really for change you should have been in the race to begin with.
A failing bank is still a failing bank : 9/30/2008
Shouldnt the organizers and directors have made sure there was more regulation. There are a lot of banks who manage not to fail even in a crisis.
Did Terry joyce His air Force Buddy write That article? : 9/30/2008
Produce the article. That is why You should Paste and Cut and Show the Author ,Mr Chinnis. It Might seem 12 yr oldish But it doesn't leave you with your foot in your Mouth... Don't worry Mike Rose will be Your attorney when Mr Collins sues you.
Mislead Who? : 9/30/2008
Mr. Collins, Please note that the majority of my letter to the SJC is simply quotes from the Post Courier. If there was an attack is was from the reporter(s) who originally wrote the stories I recounted. Is the Post Courier guilty of deceptive journalism because they published the stories? Are the numbers from the PC here recounted incorrect? I think I noted at the end the same thing you wrote that while the bank was losing money it appeared that all the principals made a "profit". With the losses the bank is reported to have incurred who absorbed them to allow a profit?