bank rates

City National CEO Gives $60M to Employees

City National Bancshares CEO Leonard Abess Jr gives $60M of his own money to 399+ of his staff.

After selling a majority stake in Miami-based City National Bancshares last November, all he did was take $60 million of the proceeds — $60 million out of his own pocket — and hand it to his tellers, bookkeepers, clerks, everyone on the payroll. All 399 workers on the staff received bonuses, and he even tracked down 72 former employees so they could share in the windfall.

Don't miss out on the next bank deal. Get the newest deals delivered straight to your inbox!

Comments (5)
1 Star2 Stars3 Stars4 Stars5 Stars (13 votes, average: 3.62 out of 5)
Loading...
5 Existing Comments
  1. BloggingBanks said:
    on February 17th at 01:30 pm

    That’s a true inspirational story Bankaholic. Now if all the other greedy bankers and CEO in corporate America shared just 15% of their bonuses with employees, then we would soon be out of a recession.

  2. Epicview said:
    on February 17th at 05:51 pm

    Its great to hear stories like this in these times. It seems you rarely hear about them. I’ll never forget reading about how John Tu and David Sun, the founders of Kingston Technology, gave their employees a piece of the 2 billion dollar payday that they received after they sold the company. Here is a link to an article: click here

    John Hui of eMachines also did the some.

    But, times were different then . . .

  3. marketsense said:
    on February 17th at 06:32 pm

    Finally a financial story that restores faith in human decency. Not as thrilling as the plane in the Hudson…but with a backdrop of selfishness and collusion from heads of other banks, this one should get even MORE press!!

  4. wayne said:
    on February 17th at 11:20 pm

    im sure he sleeps well at night.as he should

  5. Tony Soldo said:
    on February 18th at 05:57 am

    I will take all the good news – feel good stories I can get. Maybe this is contagious, some kind of collective pay it forward mass karma explosion.