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"A penny for your thoughts"

Sunday, March 1, 2009

Miami banker gives $60 million of his own to employees

Picture:This is Leonard Abess, CEO in the lobby of the bank.

Leonard Abess sold a majority stake in Miami-based City National Bancshares to the Spanish bank Caja Madrid of a 83 percent stake last November for $927 million. The generous Miami banker took $60 million of the proceeds and hand it to his tellers, bookkeepers, clerks, everyone on the payroll (399 workers on the staff abd 72 former employees ) as a one-time bonuses. For longtime employees, the bonus - based on years of service - amounted to tens of thousands of dollars, and in some cases, more than $100,000. Virginia C. Dunn, managing senior vice president said it was better than a lottery because it came from someone's heart.

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