Did anyone attend the stockholders meeting yesterday? Unfortunately I had other appointments and could not attend. If anyone went would appreciate a look into what if anything went on or what was said. Also what about this go alone plan that Hermance said is going to be implemented his Plan B. It has been reported that they will hire additional personnel and expand into other operations. I wonder if this is all talk and no action like when he said they were going to expand into Florida, never happened. Originally thought that he was a good CEO but the last few years WOW Nothing. Then this deal comes out of the blue right after he came back from medical leave, how long were they in merger talks and who was doing the talking for HCBK.
What happened at the shareholders meeting? What's their plan going forward? I bet never gave details because they have never made a plan. I hope they will embrace the 21 st century instaed living in the past. They need customers and deposits look at what their deposits were and what they r now. What will they do to get them back. Can't wait higher interest rates need other avenues to generate income. they never did it what makes them think they can do it now? if they can't stock takes a major hit
Who gives a damn if he is the only one! You sound like you are defending him. This is about HCBK not wall street, we NEED HERMANCE GONE! He is a pos!
He is not the only one ,take look at what is going on in wall st ,the name of the game is (DO NOTHING AND GET BAILED OUT BY THE TAX PAYERS ) is nt that nice.
He rode his wave sold a big portion of stock years ago and now just along for a ride. Might as well be a municipal employee show up for work do nothing get paid.
What a total screw-up HCBK BOD and Management has become or should I say we should have recognized this all along. One of the arguments put forth by some is that this interest rate environment does not justify expanding the balance sheet. If you accept this notion then you cannot help but wonder what all those highly paid HCBK loan officers are doing, really? From what I vaguely recall when I read an annual report long time ago, HCBK employees have a stock plan and a pension plan. Who is going to fund this pension? I raised the issue in my 7/31/2013 post that it is really surprising to see how HCBK BOD awarded a compensation package to Hermance and other top officers that is 10 times the size of pay packages of MTB CEO! I am all for competitive pay packages and performance bonuses provided there is something to show to your shareholders. Meanwhile we have had to undergo two brutal dividend cuts and as far as I recall, neither Management nor employees have had to make any sacrifice. How #*$ backwards is this? Why do we approve these pay packages year after year and reelect this BOD even when shafted by them? It really makes you wonder whether this BOD cares about us at all. Even when times were good and Hudson was making oodles of money, It makes you think whether all those profits were a result of favorable business environment or made to look like a result of superior management. If you think that it was as a result of superior management, then you will have a hard time reconciling the fact that the management totally mismanaged the interest rate risk. This is what bankers do day in and day out! This is their job. Where are those activist, pension fund, and hedge fund managers when you need them? It is time for a wholesale change. It is so screwed up, it is not even funny.
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I agree. In my Aug. 2013 post, I raised the issue of management comp. I feel that their comp. is atrocious while shareholders had to go through two dividend cuts. Why are shareholders approving these hefty pay packages year after year with no cuts in pay or head count? One of the arguments is that it is not their doing but that they are in a bad business environment. If that's the case how does one justify these pay scales? Hermance is paid 10 times more than MTB CEO! If the interest rate environment is such that it is not profitable to expand the balance sheet, then what are all these loan officers doing, really? From what I vaguely recall, these guys have a pension plan! Who is going to fund these pension? Where is BOD on this?!! Just look at their corporate governance score on a yahoo profile page. It is the worst rating one can get. Where are the activist shareholders, hedge fund managers? This is so #$%$ backwards, it is not even funny. I am just afraid a lot of IPO shareholders are going to be left holding a leaky bag of S#@t.
Cut the dead weight! Cancel this merger, get back to making money, and raise the dividend to where it was. THIS IS B.S. He has done NOTHING but line his own pockets and get a big position in the combined bank. He cares nothing for HCBK shareholders, get rid of him!!!