Miami Banker Gives $60 Million Of His Own To Employees

The Miami Herald ^ | February 14, 2009 | Martha Brannigan

[Mila]

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.

[Mila]

This story made me feel good. I hadn't seen it posted previously.

[MaryFromMichigan]

Good story!
Pleasant to read so early in the morning!

[indcons]

Bump

Lots of lessons here for Ken Lewis, John Mack, Kerry Killinger, Pandit, and the rest.

[skr]

My former employer had to retire for health reasons and very generously gave my associate and me her 40+ years-established business without strings attached, when she could’ve sold it and added to her bank account.

[dixiedarlindownsouth]

It’s so good to know that there are still good people in the world:) Love a little good news first thing Monday morning!

[cripplecreek]

A man who understands that wealth is most valuable when it’s not accumulated and hoarded for it’s own sake.

[Doogle]

...Bambi will use this example of what's good in some people as an example for all the rest of us to pay peoples mortgages through higher taxes....see, do you feel better?

[REPANDPROUDOFIT]

How long before someone asks if the bank took any TARP money?

Hmmm, bonuses! Aren't those considered evil. Oh yeah, they're only evil if they go to CEO's!

[cripplecreek]

BIG difference. This was they guy’s own personal money that he freely gave.

[jimfree]

This has to be two years pay for many of these folks.

[proudofthesouth]

God Bless this man. Not too often that you meet someone in his position that has integrity, kindness, and generosity.

[LearnsFromMistakes]

A guy here in Iowa did a similar thing a few years ago. His was a seed business, don’t remember the details. But he tracked down former employees, etc...I think the name of the guy/company was Holden’s...

[jwparkerjr]

For readers who are under 50-years-old, more or less, this would not have been anywhere nearly as big a story at one time America.

[Right Brother]

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.

$60 million divided by 471 employees is over $127,000 for each if divided equally.

[Venturer]

Would Obama have approved of these bonus’s

[spectre]

Thank you for posting this.

We need more positive reporting pertaining to the banking business.

God has blessed the right man for a change.

sw

[Freeport]

A man with a conscious!... Excellent. Good for him.