salaries are excessive for the financials of this pathetic small unprofitable bank. Excess salary money should be going to stockholders. CEO should only be making $43K a year here. General counsel should be paid $85K only.
You are incorrect! You are using the present tense. The guilty parties had already sucked this bank dry long ago with their fat compensation packages and risky deals. Tom Young, Frank Grace, Jack Mckinney and one or two others got rich, or at least live large, at the expense of shareholders. Can't recall his name at the moment but there is a shareholder who has been screaming about this for several years and everyone just thought he was nuts when in fact he saw these #$%$ for what they were. Bill Doyle also got $900k to walk away having successfully sold the bank to Washington First. Don't know why we allow those at the top to walk away rich while dumping the risk and losses on shareholders. One more thing I find odd, Tom Young and Frank Grace have been hired by other local banks which leads me to wonder why would another local bank hire someone who was instrumental in driving their previous bank down the crapper? Why doesn't the Fed bar their employement from the industry? I guess it's because they have their heads up their #$%$ just like they did regarding the failure and criminal activity that brought down the Bank of the Commonwealth in Norfolk, VA. One of their senior lenders was even a former Fed bank examiner!