Gov. Jim Justice’s most recent financial disclosure as a U.S. Senate candidate reflects liabilities amounting to $158 million or more.
The major one is personal liability of more than $50 million to his family’s longtime banker, Carter Bank & Trust, denoted as due upon demand.
That’s just a portion of the full amount the Justice businesses owe on Carter Bank loans.
The Justice business network and Carter Bank for months were in conflict over $300 million in defaulted, personally guaranteed loans. Last month, the Justices and Carter Bank announced a resolution. The debt was still on the books but with revised terms that included “a pathway of curtailment and payoff.” Carter Bank’s statement said the loan balance had been reduced from $301.9 million as of the end of the 1st quarter to a balance of about $294.1 million as of June 20.
In response to recent MetroNews questions about financial pressures, Justice has described an unfair line of questioning. MetroNews requests to participate in the most recent three administration briefings led by the governor have received no response.
“I really and truly don’t even know why we continue to take your questions,” Justice said on July 11. “It’s like a constant barrage over my family stuff, and at the end of the day it seems to always get worked out.”
Justice went on that day to contend the business issues often wind up being resolved, saying focus should be elsewhere.
“I just wish to goodness that you would report something that was really the big stuff. You know, how much reporting did you do over something that literally everybody thought the sky’s falling, the sky’s falling, the worst, it’s the worst, the worst — the Carter Bank issue.
“The Carter Bank issue absolutely was a gigantic issue, and it took a lot, a lot, a lot of work by a lot, a lot, a lot of folks. It went on for a year. And I told you over and over and over what the outcome would be — and lo and behold it’s exactly what the outcome would be: Everything’s good in the neighborhood.”
Carter Bank described the continued Justice debt in its 2nd quarter report to shareholders, saying financial results continue to be significantly affected by placing loans to the bank’s largest lending relationship, the Justice businesses, in nonaccrual status in 2023. “Interest income has been negatively impacted by $48.4 million in the aggregate since placement of these loans on nonaccrual status during the second quarter of 2023,” the bank concluded in its own recent financial report.
Justice’s campaign did not respond to an emailed invitation to comment for this story. The Parkesburg News & Sentinel first reported on Justice’s submission on July 13 of the required Senate financial disclosure.
Much like last year, the disclosure includes a range of additional liabilities.
The disclosure continues to reflect $1 million to $5 million in debt through a promissory note with former senior adviser Bray Cary, along with another $1 million to $5 million in liability to the related Cary Foundation, a non-profit charitable organization. Each note dates back to Aug. 31, 2021.
A line of credit from McCormick 101 is listed at $25 million to $50 million.
A promissory note with First Guaranty Bank is listed at $1 million to $5 million. A promissory note with People’s Bank is listed at up to $1 million.
The disclosure lists lines of credit with Justice companies Tams Management of up to $1 million and Bellwood Corporation of up to $5 million.
Judgements are listed against Justice by XCoal Energy Resources at $1 million to $5 million, MVB Bank of $1 million to $5 million, Citizens Bank at up to $1 million and Western Surety at $5 million to $25 million.
The Democratic nominee for U.S. Senate, former Wheeling Mayor Glenn Elliott, filed the required financial disclosure on April 14 and then followed up with an amended version July 18. His listed a salary as mayor of $25,700 a year and partnership distributions from investments amounting to $79,000. It also listed some interest, rent income from an office building and other mixed sources of investment income. His only listed liabilities were mortgages.
Elliott said the biggest issue with Justice’s disclosure is what it leaves out.
“The big issue for me with the Governor’s financial disclosure is what it obviously omits—specifically, the numerous and substantial debts of his companies that have been the subject of well-documented litigation. The Governor has admitted that he has personally guaranteed at least some of these loans,” Elliott said in an emailed response.
“That alone warrants disclosure with the Senate Ethics Committee that has not occurred here. Which begs the question: If the Governor is willing to omit publicly known liabilities from his financial disclosures, what else is he hiding? Considering his known business relationships with Russian and Saudi interests, it is fair to question whether these known and unknown liabilities could compromise his ability to serve in the U.S. Senate.”