GRAND HAVEN, MI –The former chairman and founder of Macatawa Bank Corp., is suing the Holland bank holding company for severance payments that were suspended in 2010 after the bank suffered heavy losses.
Benjamin Smith, who was promised $20,833.33 a month for six years after he left Macatawa Bank in 2009, has filed a lawsuit in Ottawa County Circuit Court to have those payments resumed now that the bank is back in the black and paying its shareholders a dividend.
Plus $5 million share buyback and 3-cent per share dividend, a 50% increase from last quarter. Great company.
That will be money WASTED for a long time, let alone the opportunity cost. Better put your hard-earned cash in NHTC, a fast-growing company that has recently been uplisted on Nasdaq and is announcing another great quarter of operation tomorrow (5/5/14).
Nope. None of the insiders purchased any shares; they were merely granted more shares at $0.00. More dilution at investors' expense. Preacher described the situation to the point.