US banker gives Rs 298 cr of his own to employees

471 people received bonuses from Leonard Abess Jr

471 people received bonuses from Leonard Abess Jr

Lots of bosses say they value their employees. Some even mean it. And then there's Leonard Abess Jr.
After selling a majority stake in Miami-based City National Bancshares last November, all he did was take $60

big heart: Leonard Abess Jr retained a minority share of the Miami-based City National Bancshares after selling it to a Spanish bank

million (Rs 298 crore) of the proceeds $60 million out of his own pocket and hand it to his tellers, bookkeepers, clerks, everyone on the payroll. All 399 workers received bonuses, and he even tracked down 72 former employees, so they could share the windfall.

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 (Rs 50 lakh). At a time when financial titans have to explain how they blew billions on executives' bonuses even as they received a taxpayer bailout, the big-hearted banker's selfless deed stands out.

'Shocked'

"I retired seven years ago, and all of a sudden I get this wonderful letter and phone call," said Evelyn J Budde, who spent 43 years at City National Bank of Florida, rising to vice president.

"I was shocked," said William Perry. In 43-and-a-half years at City National, he climbed from janitor to vice president. Like many longtime City National employees, he forged an unbreakable bond with the bank that continued into retirement. Perry returns regularly for the annual employees' dinner.

'Better than lottery'

Workers were provided with financial counselling and special high-rate certificates of deposit at City National. "It was like a lottery, only better," Virginia C Dunn, managing senior vice president, said of the gift. "Because it came from someone's heart."

No publicity

Abess didn't publicise what he had done. He didn't even show up at the bank to bask in his employees' gratitude on the day the bonus envelopes were distributed.

Asked later what motivated him, Abess said he had long dreamt of a way to reward employees. He had been thinking of creating an employee stock option plan before he decided to sell the bank. "Those people who joined me and stayed with me at the bank with no promise of equity I always thought some day I'm going to surprise them," he said. "I sure as heck don't need [the money]."