Justified Paranoia

[draftermatt]

The head teller even commented that she figures that, if we hadn't been kept on, that there would have been a run on the bank. But since we're all still here, the customers are fairly comfortable with the transition.

That's very possible, especially since it's a small bank.

Of course what also could be keeping people from running the bank is the number of times this has happened the last year +.

Glad you get to keep your job!

[Ghel]

Thanks. I really appreciate the support.

Saturday was hectic. I was able to be at my desk most of the day, although there were often 2 or 3 other people around it. I was pulled in several different directions at once, with people asking me questions, requesting reports, etc. I filled out employment paperwork and had my initial interview for the new bank.

Sunday I only had to come in for an hour, and everybody had everything they needed, so they sent me home.

Today (Monday) wasn't too bad. Some of the FDIC folks are still here. I heard they're going to be here a few more days. About 6 of the executives of the new bank were still here this morning, but they left around noon. The marketing/PR person was still here, handing out bags with the bank's name on them and answering any customer questions.

Many of my fellow coworkers have commented on how most customers' first question was not whether their money was safe. It was whether we still had a job. We've had dozens of customers come into the bank or call, but that's not nearly as many as we expected. We expected the bank to be packed with customers all day. The head teller even commented that she figures that, if we hadn't been kept on, that there would have been a run on the bank. But since we're all still here, the customers are fairly comfortable with the transition.

[Food Lady]

This very thing has been chronicled on This American Life. It's done all over the country just like you've described. The FDIC hires people to be "secret agents" of sorts. Would be an interesting listen. Glad you still have your job.

[Hyndis]

Yup, figured so.

Gonna be a lot of work and headache during the transition. Upper management gets the axe, but the regular employees are kept around. They need you guys. They do not need the upper management, as they're the ones who ran the bank into the ground in the first place.

There will be much headache and some long hours while things are transitioned to the new ownership, but I wouldn't be too worried about your job, particularly as you're the only bank in that town. They will keep you on. They need you, remember that.

[Javarod]

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.

[Ghel]

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.

[Kiwi]

Good luck, I hope you have your resume all ready to go.

[Ghel]

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.

[Hyndis]

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.

[Javarod]

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.

[Ghel]

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.)

[Javarod]

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.

[Ghel]

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.

[Ghel]

In the continuing list of things disappearing from the bank, the Pres took down his awards and family photos from his office yesterday.

[Ghel]

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.