Miami banker gives $60 million of his own to employees

[babylonsister]

Miami banker gives $60 million of his own to employees


Leonard Abess just gave away $60 million to his employees after selling the bank to a Spanish bank. The bonuses came to tens and hundreds of thousands of dollars. This is Leonard Abess, CEO in the lobby of the bank.
CANDACE WEST / MIAMI HERALD STAF / CANDACE WEST / MIAMI HERALD STAF

BY MARTHA BRANNIGAN
[e-mail]



Lots of bosses say they value their employees. Some even mean it.

And then there's Leonard Abess Jr.

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.

For longtime employees, the bonus -- based on years of service -- amounted to tens of thousands of dollars, and in some cases, more than $100,000.

At a time when financial titans are being paraded before Congress to explain how they blew billions on executives' bonuses even as they received a taxpayer bailout, the big-hearted banker's selfless deed stands out.

''I retired seven years ago, and all of a sudden I get this wonderful letter and phone call,'' said Evelyn J. Budde, who spent 43 years at City National Bank of Florida, rising to vice president.

''I was shocked,'' said William Perry. In 43 ½ the years at City National, he climbed from janitor to vice president. Like many longtime City National employees, he forged an unbreakable bond with the bank that continued into retirement. Perry returns regularly for the annual employees' dinner.

Abess didn't publicize what he had done. He didn't even show up at the bank to bask in his employees' gratitude on the day the bonus envelopes were distributed. He was inundated with letters soon afterward.

more...

http://www.miamiherald.com/460/story/904842.html

[snot]

1. Now THAT guy knows how to run a bank. I don't so much mean

the bonuses, I mean that apparently HIS bank was way more than solvent, 'cause he was able to sell it for a lot.

[stray cat]

2. There are good people in all income brackets

[liberalmuse]

3. Wow! This is wonderful!

Instead of stealing like Ken Lay did, forcing retired former employees to go back to work in their golden years, this man gave it back. I just love this story. If we had more CEO's like this, this would be a much better country. And world.

[madrchsod]

4. a business owner in chicago who sold his company gave a percentage

of the sale to his employees. depending on the length of service some received tens of thousands of dollars. i think the least amount was 25,000.

[malaise]

5. This is really lovely n/t

[pepperbear]

6. and of course he was devastated financially, and forced to give up his mansion for

the communal townhomes everyone lives in now.

after all, isn't that what freepers fear when they imagine what might happen if rich people give up some of their money to their workers?

:eyes:

[Odin2005]

7. A wonderful story. Good to hear at least some businessmen still have a conscience.

:woohoo:

[wroberts189]

8. WOW.. speechless knr

[BlooInBloo]

9. Good on him.