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  • pvbud pvbud Dec 23, 2000 11:02 AM Flag

    Hanselman stock bonus--why??????????

    Absolutely correct Verus. This translates to the
    production of dividend income for Mr. Hanselman even though
    he may not produce sufficent corporate income to
    improve equity share values, or even improve earnings at
    all. It's a bit exhausting to continually hear that
    the higher Fed rate is the reason for depressed USBAN
    earnings. CEO's are paid for solutions to uncommon economic
    and competitive conditions, not for information why
    improvements cannot be accomplished.

    What are the names
    of the Board members? About 1,000 shareholders
    should talk to them individually, or better, larger
    shareholders should combine to elect a Board that acts like a
    Board interested in creating shareholder value.

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    • Hanselman has been around UBAN since the mid to
      late eighties and unfortunately, has never been held
      accountable for the dismal performance of UBAN. I agree, it
      is easy to blame the economy for your problems. Has
      the Board looked into such issues as USBANK's market
      share while Hanselman has been at the helm? Is it true
      that mortgage originations are way down in the bank's
      market area compared to their competition? If so, what
      is being done about this and is this due to poor
      marketing? Why doesn't the bank even have a
      web-page--something that is a no brainer? People like to point to the
      high dividend, but what happens to the stock price if
      the dividend is cut as it was once before? While
      other more successful banks are reducing bricks and
      mortar, U. S. Bank continues to contemplate additional
      branch offices--why? U. S. Bank has touted its union
      connections, but have we read of any $$$ being made? When
      Hanselman talks about being patient, I take this as code to
      shareholders that they should overlook mediocre performance
      until he is good and ready to retire. IMHO, give
      Hanselman three years from the date he took over and if the
      bank does not meet a minimum benchmark, replace him!
      If the Board gave him a deadline to perform, it
      could be said they are more interested in shareholder
      performance than their compensation.

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