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Posted on April 27 at 3:48 p.m.
Good article! As a long time employee of the bank (8 yrs.) who stupidly held onto my ESOP shares of PCBC stock, and watched it go from over $100k down to a few k., I can only say it's a case of misplaced trust in the bank leadership's decisions. When I joined the bank, they had a huge cash reserve and seemed to be so prudently conservative, and community-oriented, that I was lulled into a faith in my shares 'being there' for my retirement... What a fool I was! No, not for having faith.... nor for many yrs. of service at the bank, but for not being worldly enough to recognize that upper management was only looking out for themselves!The only thing the article does not go into, which is still developing, is the lawsuit(s?) that have or will be played out due to Gerald Ford's settling on a low buy-out price for the shares of PCBC.Would you please follow up on this and keep us informed as to any actions former employees & stockholders can be involved in - After all, having our shares reverse split, reducing our holding by 100 x, and then to find they are each only worth $46. is a real slap in the face! Maybe the buy-out price should have been $4,600. a share!
On Requiem for a Bank
Posted on February 11 at 9:36 a.m.
Wow, way to go, LittleBoPeep!Thanks for sharing this info. with us all. In my position at the bank, I wasn't able to have your insights into the problems. All I saw was a culture that failed to support 'the little people' and so I knew there was something 'rotten in Denmark', as they say, with the whole culture at SBB&T!
On SB Bank & Trust Downsizing
Posted on February 4 at 11:25 a.m.
As a former employee of SBB&T, and owner of the now greatly devalued stock (which is offered as part of their pension plan and incentive to employees to remain through many years of vesting), I am very disappointed in the bank's foolish expansion and loan decisions which have jeopardized all their loyal employees' and stockholders futures!
When I think of all the huge bonuses paid to the top executives there throughout the years, which could have instead shored up the bank's promises to it's retirees, former employee's and all other stockholders, it is truly heart-sickening! I was foolish, myself, to hold onto that stock, believing the bank was fiscally conservative, as it started out being. But sadly, the bank had turned a greedy eye toward loans to developers, who themselves rode a wave of greed... Make money fast, allocate it to the 'top executives' as a reward, and to hell with everyone is the modus operandi with the bank's management.
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