LAWSUITS NEWS & LEGAL INFORMATION
CEO Severance
Orlando, FL: (Nov-05-07) James Suskiewich, longtime CEO of the Federal Trust Bank, reached a settlement with the bank before he was recently dismissed. Sources claim that the Federal Trust Bank has incurred nearly $10 million in losses so far in 2007, but yet reached a deal with its top executive, paying him what they called a staggering amount, considering that Federal Trust is only a midsized community bank. The Sanford-based thrift, the only publicly traded financial institution based in Metro Orlando, recently dismissed Suskiewich and terminated his contract effective Oct. 13, 2007. Company officials claim that the action came after Federal Trust posted unprecedented losses in the past two quarters, its first red ink in more than a decade.
Suskiewich received a $2.6 million severance settlement. Industry experts stated that his compensation package was one of the richest in the country among community-bank executives. He ranked far ahead of all but 18 CEOs nationwide, including many who led much larger banks than Federal Trust, according to a survey by SNL Financial. [ORLANDO SENTINEL: CEO SEVERANCE]
Published on Nov-6-07
Suskiewich received a $2.6 million severance settlement. Industry experts stated that his compensation package was one of the richest in the country among community-bank executives. He ranked far ahead of all but 18 CEOs nationwide, including many who led much larger banks than Federal Trust, according to a survey by SNL Financial. [
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