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  • Justified Paranoia

    Just because I'm being paranoid, it doesn't mean that the deduction I've made isn't true. A number of things have happened recently that make me think that the bank where I work might be closed soon.

    Our bookkeeping person (the AWTH) normally spends a week at the beginning of each quarter in the basement office doing a report called the call report. This time, she has instead spent three and a half weeks (so far) in the basement. She and the VP (and sometimes the Pres) have been in frequent closed-door meetings, some of them teleconferences, with no explanation. The Pres is more agitated then usual. The VP has been irritable (and she's normally a very amiable person). Monday, two paintings and a rug that hung on the wall (each of which were donated by one of the owners) were missing. Today, two more paintings and a couple of signs that said that banks are the best place to get a mortgage have disappeared. A "Special Exam" was opened up for us last Friday on FDIC's website, but no documents have been requested for it, as far as I'm aware.

    A Compliance Exam had been scheduled for this month, but it was postponed due to lack of available staff. This is an exam that's normally done every 12-18 months. Monday, an examiner showed up with about 2 hours notice to do the Compliance Exam. But I'm skeptical because he spent over two hours in the VP's office talking to her, and in the two days since, he hasn't asked for any of the information I collected for the exam before it was postponed.

    Since the beginning of the month, but especially this week, the VP has been asking for unusual information, and nothing that seems to correspond to a compliance exam. Today she was collecting information regarding the bank's (not our customers') credit cards and cell phones, saying that the examiner needs it. The Pres was gathering information using the same form as the VP, and he asked for info on employee benefits, including medical, life, and disability insurance.

    The next thing I expect is a mandatory Saturday meeting where they'll announce that we're being closed. The Monday after, we'll open as a branch of a different bank and senior management will be gone. But then, maybe I'm just being paranoid.
    "I look at the stars. It's a clear night and the Milky Way seems so near. That's where I'll be going soon. "We are all star stuff." I suddenly remember Delenn's line from Joe's script. Not a bad prospect. I am not afraid. In the meantime, let me close my eyes and sense the beauty around me. And take that breath under the dark sky full of stars. Breathe in. Breathe out. That's all."
    -Mira Furlan

  • #2
    Paranoia can be a good thing. Are you the only one feeling concerned? Your description gives you reason to be concerned. Now is a terrific time to be updating your resume and *maybe* start looking for another job. Not guarantee that a takeover is going to let you keep your hours and benefits.
    A lion however, will only devour your corpse, whereas an SC is not sated until they have destroyed your soul. (Quote per infinitemonkies)

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    • #3
      That's funny; there's a strong rumor that the bank I use will be gone after this week too. As a customer, of course, it doesn't make nearly the difference it will to you, but it's an odd coincidence.

      I wish you the best of luck! Who knows, there's always the possibility that the new bank will be better than the old one.
      Now the trouble about trying to make yourself stupider than you really are is that you very often succeed.

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      • #4
        Start preparing your resume and looking into the local job market now, that way if your told you are closing at say 3pm friday, you have at least an hour to get those resumes out.
        I wasnt put on this earth to make you feel like a man ~ Mary Bertone

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        • #5
          Well, here's the thing. If the bank is bought by another bank (whether before or after being closed by the FDIC), the rank-and-file employees will probably keep their jobs. That doesn't mean that the new bank management will be better than the current management. I like working here, aside from the additional stress that we've been under lately.

          I just got our of our Friday morning employee meeting. Apparently, the info that has been requested lately is going three different places: the FDIC examiner who's here, the accountant who's contracted to do the bank's taxes, and a potential buyer. It doesn't necessarily make me feel better about things, but at least I have a general idea of what's going on.
          "I look at the stars. It's a clear night and the Milky Way seems so near. That's where I'll be going soon. "We are all star stuff." I suddenly remember Delenn's line from Joe's script. Not a bad prospect. I am not afraid. In the meantime, let me close my eyes and sense the beauty around me. And take that breath under the dark sky full of stars. Breathe in. Breathe out. That's all."
          -Mira Furlan

          Comment


          • #6
            In the continuing list of things disappearing from the bank, the Pres took down his awards and family photos from his office yesterday.
            "I look at the stars. It's a clear night and the Milky Way seems so near. That's where I'll be going soon. "We are all star stuff." I suddenly remember Delenn's line from Joe's script. Not a bad prospect. I am not afraid. In the meantime, let me close my eyes and sense the beauty around me. And take that breath under the dark sky full of stars. Breathe in. Breathe out. That's all."
            -Mira Furlan

            Comment


            • #7
              I keep waiting for the other shoe to drop. In 4 of the 5 weeks since I posted last, we've had a different group of "auditors" come look through our loan files. Each of these groups is from a different bank, looking to see whether they want to buy the bank. The examiner I mentioned was here that whole time.

              Last week, he was called away to another bank. (I guess they're in worse shape than we are.) We were told that we could put away the loan files, which we had left in the conference room in case another group needed to look at them. Then a tech from the phone company shows up and installs a DSL modem on order from the FDIC. It's not hooked up to our network, and we've been given no indication what they need it for (although I have some suspicions).

              I feel like I'm polishing the brass on the Titanic.
              "I look at the stars. It's a clear night and the Milky Way seems so near. That's where I'll be going soon. "We are all star stuff." I suddenly remember Delenn's line from Joe's script. Not a bad prospect. I am not afraid. In the meantime, let me close my eyes and sense the beauty around me. And take that breath under the dark sky full of stars. Breathe in. Breathe out. That's all."
              -Mira Furlan

              Comment


              • #8
                I wouldn't worry too much about it, unless you're area is bank dense, since typically the FDIC sells you to someone else. In a way i'm in the same boat, i'm actually waiting to see ifn my bank closes, they have a one star rating on Bake Rates (or whatever its called), which is prolly rather common for small banks out here. Of course they have absolutely incredible customer service, so i'm loathe to leave.
                Seph
                Taur10
                "You're supposed to be the head of covert intelligence. Right now, I'm not seeing a hell of a lot of intelligence. Covert, overt, or otherwise!"-Lochley, B5, A View from the Gallery

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                • #9
                  Sounds like the same boat my bank is in. We used to have really good ratings (FDIC calls them CAMELs, but I don't remember what it stands for), but a few bad loans change everything for a small bank like us. We don't have the diversity of products that some of the bigger banks have, but we're the only bank in a town with a population of about 2500, and our customer service is great (or so I'd like to think).

                  (Plus you get props for having a B5 quote in your sig.)
                  "I look at the stars. It's a clear night and the Milky Way seems so near. That's where I'll be going soon. "We are all star stuff." I suddenly remember Delenn's line from Joe's script. Not a bad prospect. I am not afraid. In the meantime, let me close my eyes and sense the beauty around me. And take that breath under the dark sky full of stars. Breathe in. Breathe out. That's all."
                  -Mira Furlan

                  Comment


                  • #10
                    Quoth Ghel View Post
                    Sounds like the same boat my bank is in. We used to have really good ratings (FDIC calls them CAMELs, but I don't remember what it stands for), but a few bad loans change everything for a small bank like us. We don't have the diversity of products that some of the bigger banks have, but we're the only bank in a town with a population of about 2500, and our customer service is great (or so I'd like to think).

                    (Plus you get props for having a B5 quote in your sig.)
                    Actually ours is worse, in Phoenix, the growth was insane, i think we were the fourth fastest growing area in the country, possibly higher, so guess what happened when the market tanked? Yep, its bad here, housing developments all over that got as far as perimeter walls and curbing before folding, commercial developments built and sitting empty everywhere. I don't think there was a bank out here that didn't get caught with their pants down, mine's no different. Still, a bank that knows all its customers by name, calls them up when there's an over draft, readily waves over draft fees, and helps in other ways is hard to beat these days.

                    As to B5, great show, and while the fifth season was lack luster, it had its moments and lines.
                    Seph
                    Taur10
                    "You're supposed to be the head of covert intelligence. Right now, I'm not seeing a hell of a lot of intelligence. Covert, overt, or otherwise!"-Lochley, B5, A View from the Gallery

                    Comment


                    • #11
                      Quoth Ghel View Post
                      Sounds like the same boat my bank is in. We used to have really good ratings (FDIC calls them CAMELs, but I don't remember what it stands for), but a few bad loans change everything for a small bank like us. We don't have the diversity of products that some of the bigger banks have, but we're the only bank in a town with a population of about 2500, and our customer service is great (or so I'd like to think).

                      (Plus you get props for having a B5 quote in your sig.)
                      If you're the only bank in that town then your job is almost certainly safe. Worst comes to worst, upper management gets the axe and they put a new sign on your building, but day to day stuff for you and most of the regular employees will be pretty much the same.

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                      • #12
                        Quarter after four. Friday afternoon. Three suits walk in the front door and directly into the president's office. On the way to the conference room, pres says he wants to get together with everybody at about 5 minutes to 5.

                        This is it, apparently.
                        "I look at the stars. It's a clear night and the Milky Way seems so near. That's where I'll be going soon. "We are all star stuff." I suddenly remember Delenn's line from Joe's script. Not a bad prospect. I am not afraid. In the meantime, let me close my eyes and sense the beauty around me. And take that breath under the dark sky full of stars. Breathe in. Breathe out. That's all."
                        -Mira Furlan

                        Comment


                        • #13
                          Good luck, I hope you have your resume all ready to go.
                          I wasnt put on this earth to make you feel like a man ~ Mary Bertone

                          Comment


                          • #14
                            Man, I'm wiped. What an evening. If you ever wanted to know what happens when a bank is closed by the State or FDIC, read on.

                            At 5:00, the guy from the State read a statement saying that the bank was being closed, and the FDIC was being appointed receiver. Then the guy from the FDIC read a statement saying how the bank was being sold to another bank. We were all assured that we were going to keep our jobs (except for the president, but I'll get to that). We were told to expect about 50 FDIC employees.

                            About 5:10, FDIC employees started pouring in the front and back doors. They set up tables in every available space. They brought in 5 photocopiers, two printers, cases of paper, soda, tea, and water. Their IT folks came by stringing lan cable, and placing wifi boosters. Two women from the FDIC set up their laptops on the customer side of my desk.

                            Five employees of the new bank also arrived and started introducing themselves. We had a short meeting where they explained that we would all be keeping our jobs; we had to go through the application process, but that was merely a formality. They were all likable, approachable, pleasant.

                            At 6:00, dinner arrived. It was catered by a local restaurant (who also happens to be one of our customers). The food was delicious, but there was way too much. We all ate at our desks while getting whatever information and files the FDIC needed.

                            The rest of the evening was a blur. Getting files, answering questions, helping out in any way I could. The president left around 7:30, to tears and hugs. It was very awkward. I finally got to leave around 9:00, and I have to be there tomorrow morning at 10:00 for another day of the same thing.
                            "I look at the stars. It's a clear night and the Milky Way seems so near. That's where I'll be going soon. "We are all star stuff." I suddenly remember Delenn's line from Joe's script. Not a bad prospect. I am not afraid. In the meantime, let me close my eyes and sense the beauty around me. And take that breath under the dark sky full of stars. Breathe in. Breathe out. That's all."
                            -Mira Furlan

                            Comment


                            • #15
                              Quoth Ghel View Post
                              Man, I'm wiped. What an evening. If you ever wanted to know what happens when a bank is closed by the State or FDIC, read on.
                              At 6:00, dinner arrived. It was catered by a local restaurant (who also happens to be one of our customers). The food was delicious, but there was way too much. We all ate at our desks while getting whatever information and files the FDIC needed.

                              The rest of the evening was a blur. Getting files, answering questions, helping out in any way I could. The president left around 7:30, to tears and hugs. It was very awkward. I finally got to leave around 9:00, and I have to be there tomorrow morning at 10:00 for another day of the same thing.
                              Interesting stuff. -=hugs=- Good to hear you still have a job, and they even fed you, though i suspect you weren't planning nor wanting to work that late.
                              Seph
                              Taur10
                              "You're supposed to be the head of covert intelligence. Right now, I'm not seeing a hell of a lot of intelligence. Covert, overt, or otherwise!"-Lochley, B5, A View from the Gallery

                              Comment

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