Apple Tree Yard
16th Feb 2009, 01:22
Miami banker gives $60 million of his own to employees
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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
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Related Content
How they'll use the money (http://www.miamiherald.com/news/more-info/story/904844.html)
BY MARTHA BRANNIGAN
[email protected]
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.
Asked later what motivated him, Abess said he had long dreamed of a way to reward employees. He had been thinking of creating an employee stock option plan before he decided to sell the bank.
''Those people who joined me and stayed with me at the bank with no promise of equity -- I always thought some day I'm going to surprise them,'' he said. ``I sure as heck don't need [the money].''
SPANISH BUYER
In exchange for an 83 percent stake in the business, the Spanish bank Caja Madrid paid $927 million in November. Abess retained a minority share and is still the board chairman and chief executive officer at City National.
Even before the sale, Abess wasn't hurting for money. He bought his 11.8-acre, $23 million estate in Miami's Cliff Hammocks neighborhood from actor Sylvester Stallone in 1999.
Abess' father, Leonard L. Abess, founded City National in 1946 with Baron de Hirsch Meyer as one of the first postwar commercial banks in the region. Abess Jr. started his career in the bank's print shop, which made forms and documents. Working his way up the ladder gave him an appreciation for the role that employees play in the success of an enterprise.
''I saw that if the president doesn't come to work, it's not a big deal,'' he said. ``But if the tellers don't show up, it's a serious problem.'':ok:
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http://media.miamiherald.com/smedia/2009/02/14/18/103-4889651.embedded.prod_affiliate.56.JPG
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
Photo (http://www.miamiherald.com/news/miami-dade/story/904842.html#x) http://media.miamiherald.com/images/redesign/clear.gif
Related Content
How they'll use the money (http://www.miamiherald.com/news/more-info/story/904844.html)
BY MARTHA BRANNIGAN
[email protected]
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.
Asked later what motivated him, Abess said he had long dreamed of a way to reward employees. He had been thinking of creating an employee stock option plan before he decided to sell the bank.
''Those people who joined me and stayed with me at the bank with no promise of equity -- I always thought some day I'm going to surprise them,'' he said. ``I sure as heck don't need [the money].''
SPANISH BUYER
In exchange for an 83 percent stake in the business, the Spanish bank Caja Madrid paid $927 million in November. Abess retained a minority share and is still the board chairman and chief executive officer at City National.
Even before the sale, Abess wasn't hurting for money. He bought his 11.8-acre, $23 million estate in Miami's Cliff Hammocks neighborhood from actor Sylvester Stallone in 1999.
Abess' father, Leonard L. Abess, founded City National in 1946 with Baron de Hirsch Meyer as one of the first postwar commercial banks in the region. Abess Jr. started his career in the bank's print shop, which made forms and documents. Working his way up the ladder gave him an appreciation for the role that employees play in the success of an enterprise.
''I saw that if the president doesn't come to work, it's not a big deal,'' he said. ``But if the tellers don't show up, it's a serious problem.'':ok: