Is the bank really closing October 26th?

This date was predicted a while ago as the final day, and the rumors are really flying again, but with some measure of credibility this time. Some of the other comments seem to corroborate the same info given to me by credible sources.  Depositors with over $250k were contacted and employees were emailed about taking home any CFNB advertising with the logo on it.

I don’t pretend to know. It will be sad for sure, when it happens.

24 comments on “Is the bank really closing October 26th?

  1. Not that it will make anyone feel better, in this current situation. But, read this, and you will see, that it could be worse.!!

    “A former Chicago bank executive stole more than $3 million from the bank over 15 years, mostly to pay for her gambling, federal prosecutors announced today.

    Dora Asmussen, of Gilberts, faces three counts of bank fraud after her indictment Thursday by a federal grand jury.

    Asmussen held several positions at the Burling Bank, 141 W. Jackson Blvd., and committed the fraud between about 1997 and August of this year, serving as chief operating officer and executive vice president, in charge of daily retail transactions and some accounting a record-keeping, according to prosecutors.

    Asmussen fraudulently issued checks on her personal account as well as cashier’s checks, and also took customers’ checks, using bank funds to cover them, according to the indictment.

    Prosecutors estimate Asmussen stole $3,074,523 from the bank, including a $96,452 cashier’s check she had the bank issue to her on Feb. 3, 2009, and a $64,985 cashier’s check issued May 21, 2009, according to the indictment. Prosecutors are seeking to have Asmussen pay back the entire amount stolen.

    Asmussen “used the stolen funds for her own personal benefit, primarily for gambling,” according to the indictment.

    To try to cover up the thefts, Asmussen gave false information to state and federal regulators, as well as the bank’s board and auditors, prosecutors said.

    Bank fraud carries a sentence of up to 30 years in prison, prosecutors said.”

    Here is the link:http://www.chicagotribune.com/news/local/breaking/chi-feds-bank-exec-stole-3-million-mostly-to-pay-for-gambling-20121026,0,6828108.story?track=rss

  2. One rumor can be confirmed: employees have been allowed to take home any trinkets or give-aways with the bank’s logo. One employee was observed leaving with a bag of stuff – e.g., yard stick, frisbees, etc.

      • The observation point was peeking in the front door of the bank. There was a yard stick. It was found in my in-laws home and was given to me. I thought it something appropriate to display at my desk – and it was a give-away many years ago. Guilty as charged; there were a couple of frisbees. Guess the gawkers missed the bags of Halloween candy I’d purchased on my lunch break. Perhaps I should have invited them in to see there was no take over. I’m saddened by what amuses some people. I lost respect for the folks hovering outside the front door after 6:00 pm 10/26/2012.

        • I Care…. Sorry if this is painful for you. It is for many of us who have had to endure this episode of the bank’s long history. Perhaps you, or a fellow employee could have blown the whistle on your former CEO and his board way back when. Then there would be no line outside your door. Every employee who watched that whole charade without comment or action surely gave up the right to any respect at Tony’s “retirement” party.
          .

          • The shareholders, of which quite a few are employees of the bank, have lost upwards of $100 million. (The market value of the bank is now about $400,000, and even that is far above the book value, which is now negative. And, in the event of the bank’s failure, is zero.)

            There is a genuine concern, of course, about the fate of the bank’s employees – and the impact of any layoffs upon local economies.

            We’ll get nowhere debating which parties have, or will, suffer more. But, unless the directors (present and former) are sued, only we, the shareholders and employees, will have suffered.

          • The whistle was blown, repeatedly, by many, and to the correct people. Head of HR was hand picked by Tony, as was much if not all of the board. Wanna know who wants Tony sued and put to the poor house more than anyone? Employees. Before the comment of ‘quit and get another job’ gets used as a retort (because in a perfect world that is what would’ve happened) let me point out that the answer to that will be made obvious over the next 6-12 months if Citizens ends up laying off 100+ people. Real life happens, kids need clothes, mortgages need to be paid, spouses are rooted to their job,etc.

            • I can concur with Anonymous. I tried to give Citizens the first opportunity by going to Mike Smith then I was forced to report my complaints to Jill Smith. I then knew I was in trouble. I was accused of being a “gossiper” then sent back to work. Miller transitioned from complimenting me in front of the entire Princeton staff to avoiding me and no longer making eye contact. Some of his followers who were previously friendly to me either avoided me or were suddenly rude. I turned them into the FDIC who turned the complaints to the OCC. I was scared and physically sick because I had no protection whatsoever. Then I get written up for every ridiculous claim under the sun and harassed for two hours by those jackals. The only reason they stopped was because I had to meet a customer! Which I did and maintained my composure after the ordeal. I was in no financial position to challenge Citizens but I wanted to do the right thing. I also had a non-compete agreement and my husband’s income was suffering greatly due to the economy and we have two small children, too. The result; lost everything that I ever worked for and made a lot of enemies. You would think Klinger and Buster would be satisfied but winning is never enough; they have to further denigrate and humble their weak opponent. Then incredibly the same folks that blame the employees for not standing up to Citizens won’t even defend me anonymously when the Citizens camp attacks me! That is much easier to commit to than risking public ridicule and the loss of your livelihood. It is easy to criticize others but without a personal commitment of action and the risk of loss shoulda, coulda, woulda is meaningless. There are a few of us that took action at great risk but only harmed ourselves in the process. You can’t blame the other employees for not doing the same unless you are willing to support them financially when Citizens kicked them to the curb. 😉 Heck, I would have settled for emotional support when Citizens served me with foreclosure papers! If I had it to do all over again I would have saved enough money to make it the 18 months without an income to get past the non compete, kept my mouth shut and just walk out of there. At the time that idea was unthinkable because I had no idea how bad things were going to get. I still would have made enemies because their followers thought life stopped after Citizens. I had this silly motion that the company was great, just had to weed out a few bad eggs. Of course if we are going down that road I would have declined their third offer of employment and never been in this mess to begin with 🙂

        • Let’s forget the yardstick. But, did you take the frisbees, and perhaps other things, because you were informed by the bank to feel welcome to remove any marketing give-aways bearing the bank’s logo?

          Why would the bank do that, unless the end was near? I’m open to other interpretations. Meanwhile, people are still investing in PNBC’s stock.

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