Thread Starter: JUST CALL ME CRA
Title: Re: FDIC Takeover
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Well, it DID happen to us. The takeover bank is local and they have branches in lots of the same areas that we are in. So where we have branches across the street, there will be job losses. And there will be back office job losses without a doubt. But for anyone out there who may be going through this or fearing that they may go through it, it just happened that the bank that took us over had positions to fill in my area. So, it looks like I may have a job. And I can also so that the bank that took us over is going far above and beyond to make it as good for us as possible. They are paying even exempt employeed time and a half for overtime. They are giving all of us two weeks paid vacation for the remainder of the year. They are paying 75% of the cost of our interim insurance. And they are going to give us two weeks notice before we are terminated. They are giving us first chance at the new available positions. I have really been impressed with their professionalism and concern. And the FDIC has been very understanding, friendly, and nice to work with. However, I would caution that some of the things the FDIC told us at the initial meeting, turned out to be different when all was said and done. One of the worst things is that our 401(k)may be tied up 12 to 18 months. So if you lose your job and need it, it may just be too bad. They first told us there could be hardship withdrawals and now they say no.
I feel for anyone that has to go through it. It was horrible. But it does seem that life will go on. So keep your chin up and wait and things will get better.
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