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Thursday, March 26, 2009

Bonuses, Bailouts, and Lawsuits at Citizens Bank

According to a lawsuit filed in Genesee County Circuit Court, John D. Schwab didn't retire as executive vice president at Citizens Republic Bancorp in January, he was "fired for questioning a $7.5 million bonus for the company's chief executive [William R. Hartman] on the eve of a federal bailout payment," according to BusinessWeek.

Monday, February 9, 2009

Citizens Bank in Transition

Is it time to abandon ship at Citizens Bank? Melissa Burden of The Flint Journal reports:

"John D. Schwab, executive vice president and chief credit officer, joined the company in November 2002 and oversaw the Flint-based bank holding company's credit approval and credit quality issues. He retires after 40 years in the banking business.

"Schwab's retirement follows the announcement late last month that Bill Hartman would retire as president and chief executive officer at the end of January and that Cathy Nash, who most recently headed regional banking for the company, was chosen to succeed Hartman."

The downward spiral of Citizens Republic Bancorp Inc. (CRBC) stock over the past three years.

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