Solera Bank Loses Lawsuit To Fired Ceo

A Jefferson County jury has awarded more than $427,000 to the former president and chief executive of Solera National Bank – nearly a quarter of its net income last year – money the executive said was due him after he was fired following a hostile takeover of the bank’s board of directors in 2014. The verdict last week followed a four-day trial and includes an additional sum for 10,000 shares of stock former CEO John Carmichael was given when he was hired to run the Hispanic-community bank in September 2013, shares that could be worth another $65,000, based on their value at the time of his firing. The total amount is more than double the $215,000 salary Carmichael was paid as Solera’s CEO. Carmichael was fired in July 2014 after board member Michael Quagliano led a takeover following poor financial returns that Quagliano blamed on mismanagement and puffed salaries.

 

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