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Evans Bancorp Inc. Message Board

  • sisto001 sisto001 Apr 4, 2011 11:43 AM Flag

    Evans Bank CEO pay escalates. Why?

    Evans Bank CEO pay escalates - Total compensation in 2010 rose for two of four named executive officers at Evans Bancorp Inc., due in part to a burst in performance-based cash awards plus pension value and deferred compensation earnings, a regulatory filing shows.

    The parent of Evans Bank paid David Nasca, bank president and CEO, $486,462 in 2010, up 42.7 percent from 2009 when he received $340,957 in total compensation.

    The stock is down 39% since Nasca took over. What performance?

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    • A theatrical performance.

      This is one of those great little community banks that is "fiercely committed to remaining independent" for the sake of the community...and for the sake of the management.

      This place is worth more to them (management) as an independent entity than it is worth in a takeout. None of them own a significant stake in the Bank so why would they want to give up the guaranteed cash flow of their salaries? They wouldn't.

      Expect a continuous flow of slug-like results over a period of years in lieu of a sale at a price that would make common holder whole.

      This Company is not being run for the benefit of shareholders. It is being run for the benefit of management.

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