Friday, October 19, 2012

Newbridge Bank Kicks Robme Perkins To The Curb

We learn this morning that Mayor Robme Perkins no longer has a seat on the board at Newbridge Bank. Could it have anything to do with suspicions about hundreds of thousands missing from Robme's Folly? As one member of Real Progress For Greensboro put it,

"In my experience, if you have to make a statement like that, then it's almost always the reason. It's like saying, "No offense, but..." or "I don't want to tell you how to do your job, but..."

Seems like there's always a but....

Update: Newbridge sure wasted no time in ridding their website of any reference to Robbie Perkins.

Fact is: unlike many non profit boards in which board members "work" for free, members of boards of banks are paid very handsome sums to sit on the boards and work a few hours a year-- usually less than a day. People die waiting to get on these boards. Plus the stock options and such really add up. And the connections made from being on these boards are pricless. Nobody walks away from these boards:

"Each member of the Board of Directors of Bancshares receives a fee of $300 for each Board meeting attended, plus an annual retainer of $4,000. Each non-management director receives a fee of $200 for each committee meeting of Bancshares and the Bank that they attend. Bancshares also grants each non-management director a five-year option to purchase 625 shares of Common Stock. The exercise price of each option is the fair market value of the Common Stock on the date of grant. The option is granted on the date of the annual shareholders' meeting.

In addition, directors have an opportunity to participate in Bancshares' Deferred Compensation Plan for Directors (the "Deferred Plan"), under which a director may defer a designated amount of their annual compensation until they retire, die while still a director, become permanently disabled or otherwise discontinue service as a director. Each director's interest in the Deferred Plan is nonassignable, although each director may name a beneficiary to "
--NewBridge Bank Director Compensation

Have no doubt: Perkins was FIRED!