Friday, February 5, 2010

Headline: PrivateBancorp changes stock awards, speeding exec bonuses

This kind of thing is why I am a firm believer in taking profits. Always Be Closing, as they say on the sales floor.

PrivateBancorp changes stock awards, speeding exec bonuses

By: Steve Daniels Feb. 04, 2010

(Crain's) — In a bid to provide bonus compensation for 130 senior executives and key employees of PrivateBancorp Inc., the Chicago-based bank is eliminating performance criteria that were tied to stock awards made to the group when they joined en masse from the old LaSalle Bank in late 2007.
The change, disclosed late Tuesday in a Securities and Exchange Commission filing, will enable CEO Larry Richman and other senior executives to obtain immediate stock awards this year.
By contrast, competing local banks — which like Private are operating under federal compensation restrictions tied to participating in the Treasury Department’s bank bailout program — are paying top execs bonuses and portions of salaries in company shares that they can’t sell for several years.
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Hat tip to bankstocks.com. I recently signed up to get their morning email full of headlines sent to me. Their website needs work, but I do find these emails they send me rather useful.