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Article: Golden parachutes relatively small at La Jolla Bank. (La Jolla Bank & Trust Co. official to receive relatively small severance pay after merger with Security Pacific Corp.)
- Article from:
- San Diego Business Journal
- Article date:
- June 4, 1990
- Author:
CopyrightCOPYRIGHT 1990 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Golden parachutes are relatively small at La Jolla Bank
La Jolla Bank & Trust Co. executives won't pull a gilded ripcord if they're forced to leave the bank after its July merger with Security Pacific National Bank.
The 15 officers covered by an employment agreement, which is at least two years old, would have received two years salary if they would have been fired or left the company October 25, 1989, the day La Jolla and Security Pacific signed a letter of intent, according to La Jolla's proxy statement.
The two-year total for the six highest-paid employees would have added up to $1.3 million if all had left at the time the merger was ...