Code violation?

EXHIBIT 14. CODE OF ETHICS                                             02/17/04




A.       General Statement


1.  The Directors, Officers and Employees of this Bank have established a reputation over a long period of years for their high level of ethical and legal conduct, integrity and sound judgment. This policy in no way suggests that anyone now associated with the Bank does not meet these standards; yet, with changing times and the substantial growth in staff and services performed, basic policies relating to conflict of interest, self-dealing and code of ethics need to be reaffirmed.

2. The long-term success of the Bank is contingent upon the complete confidence of its customers and the community. This is an area where there can be no compromise with the highest standards.

an observer” under the post, “Trust“,  commented earlier that,  “It makes more sense to ask the current board members to be ethically responsible and rethink their positions; “act responsibly or resign” than to think one individual could make that much difference.”

I spoke with the President of the bank before initiating any of this and told him that the board could do all of this themselves, and they would never hear from me again. They could put Steve on as a Director, and he is outstanding director material. They could resign quietly; even throw themselves a retirement party like Tony’s. All of this could have, and should have been done last December.

2 comments on “Code violation?

    • Actually, I sent a letter to the board in December of last year giving them my “no confidence” vote. I was assured by the secretary that the letter found its way to the board, so I’m pretty confident they received it. I’m also pretty confident they didn’t take it too seriously. I think I also suggested they take a hint from the MF Global board. Those guys resigned.

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