According to Crain's Chicago Business several big investment funds with large positions in PVTB that are underwater are going to put Larry Richman on a short leash to turn things around soon. One of the funds has their own director on the board to influence decisions. Time for management to perform especially all these high priced Lasalle bankers he brought over with him
The time for Larry to go is long overdue. The bank is an disaster. $5 million in earnings??, $1 billion in problem assets, $8 stock price handle. He is way overpaid and has destroyed lots of capital. Ralph M must rue the day he met him. When does GTCR and Madison wise up and find a new CEO or merger partner to save their investment?