Former New Alliance Bank CEO Considers Future
Peyton Patterson could get a package totaling almost $24 million for leaving
The former CEO of New Alliance Bank could get a package totaling almost $24 million, if she leaves once the merger with First Niagara Financial is complete. Peyton Patterson hasn’t yet detailed her future plans after last week’s merger announcement. WNPR’s Harriet Jones reports.
Buffalo, New York-based First Niagara Financial is set to complete its takeover of New Haven’s New Alliance sometime in the first half of next year. At that point, First Niagara CEO John Koelmel will head up the merged entity.
New Alliance CEO Peyton Patterson said at the time of the announcement that she hadn’t yet decided whether to take on a role within the new bank, and would make her plans public soon. According to a filing with the Securities and Exchange Commission, Patterson’s contract stipulates that she qualifies for retirement benefits, bonuses, severance pay and stock-based awards that will total more than $20 million.
Meanwhile, community groups in Connecticut have expressed concerns about the effects of the merger. The president of the NAACP in Greater New Haven met Friday with executives from both banks to get details of how employment and lending will be changed as a result. New Alliance was created in 2004 as the formerly mutual New Haven Savings Bank went public.
For WNPR, I'm Harriet Jones.
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New Alliance Bank and Peyton Patterson are shameless
I can't imagine how New Alliance Bank and Peyton Patterson think they can even begin to justify this behavior. Nobody is worth that kind of money, especially when they do not pay any interest to the people who keep their money in the bank. I'll bet the telloers don't make much money at all. I THINK EVERYBODY SHOULD TAKE THEIR MONEY OUT OF THIS BANK AS SOON AS POSSIBLE. How greedy can they get?
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