Well, I can't say that I'm not angry. Bitter is a better word. I'm certain that you have heard all about the rise and fall of NetBank, Inc., the worlds first completely online bank. Back in its heyday, NetBank provided an innovative solution to an evolving issue: mobile banking for the mobile user. NetBank promised a complete range of banking solutions available from any web browser anywhere in the world. And it worked! And its users loved its services. The bank considered its employees a family. The original CEO would walk around, calling people by name and relating to each as family. As the bank grew, the RBMG strategy kicked in to inject more cash into the business model. The hope was that the higher profit margins of the thriving mortgage industry would put the bank into a position to offer the best product in the industry.
Then times changed.
I began my run in 2001 as a developer for Meritage Mortgage, a sub prime subsidiary with locations in Portland, OR and Jacksonville, FL. I genuinely cared about the people that kept that company running. And they genuinely cared about the company that they ran. When the sub prime industry went belly up, Meritage went down. Some individuals were offered positions with another mortgage lender in the area, others were let go with their promised severance. When the company was dissolved, I moved to the NetBank.com development team...another kind and caring group within the NetBank family. They accepted me as one of their own. Then people started leaving. One resignation this month. Two more resignations this week. Now there's rumors about the bank being up for sale. Let's ask the CEO. Oh...the CEO is resigning?? 2.9 million dollars??
So what now? People kept leaving left and right. I thought that I'd wait it out. These people who took me in would surely need more help as others began leaving. The company has been good to me...time for me to repay the kindness. WHOA! The stock dropped 30 cents today. We need information from the top. Oh, good. A blog from the CEO. Another story? geez.
It was the day that NetBank announced that it received a warning from NASDAQ that it couldn't file its quarterly statement that the stock droped from approximately $1.40 to $0.30 per share. We all watched it drop and couldn't believe it. We hoped that something good would happen. Finally, there was news that several banks were looking at us and Everbank was the one that was chosen. The conversion process started. As time dragged on, we found out from the EverBank website that they had withdrawn their offer. The FDIC showed up in increasing numbers. Finally, Strike One.
It was announced that the group slated for layoff on 9/21 and 10/5 would not receive their agreed upon severance. Strike Two.
At 3:30pm on friday, September 28, 2007, the 50 of us in the Alpharetta office were gathered into a conference room and told that the bank had been taken into receivership by the FDIC at 3pm. We were inundated by groups of people from the FDIC, OTS and ING (the bank who would receive our assets and deposits). Information began flying at us. We're no longer NetBank employees. NetBank no longer exists. No one can leave the building until told so by the FDIC. Take some time to make arrangements with your family. ING is buying our assets and accounts. Pay? Severance? Benefits? One thing was sure...i felt a sickness in my stomach. Oh, by the way, we've placed local sheriff's deputies with loaded guns at the front and back door for your protection.
It was announced that all NetBank employees would become FDIC contractors paid on an hourly basis. In an effort to make good on the (now null and void) severance policy, our hourly rate would be doubled. Once the FDIC's work was complete, we would then roll over to be ING employees and continue our new doubled pay. Overtime would be paid at time and a half based on our new doubled pay rate. Holidays would be double time (quadruple time). At the end of our employment, ING would then pay a bonus that equals 20% of the total amount paid since 3pm on September 30. The math didn't add up and a lot of us are getting screwed. Benefits run out on September 30 but we'd receive a montly stipend of $300 to help finance our own insurance. What about people who had preexisting conditions? Families? Health insurance in America is expensive!
On October 2, 2007, I was told by the FDIC that my skills are unneeded for the FDIC investigation and redundant by ING. I could stay through the end of the day and leave with a pat on the back and my pay since last friday. (crap). I could stay until friday and be assigned to the asset management group to count IT hardware until my last day. (a highly paid counter). There are tons of new people running around our offices taking over cubicles, yelling across the vast spaces of the former NetBank offices "LUNCH IS HERE! COME GET YOUR LUNCH!" with no respect to others working around them. The level of disrespect and insensitivity to the remaining 50 or so employees by the invading throngs was sickening.
So, I'm out of here tomorrow, October 5. I'll carry with me 7 years of good times, bad times and lots of experience. I'll carry with me a slight distrust of executives who say that they've got your interests in mind. I'll carry with me the kindness and respect of the individuals with whom I have formed relationships over the past 7 years. I'll also carry with me a paycheck that is much smaller than promised. But, one thing I won't carry with me: my severance.
Just recently our family lost a very dear person, my great aunt Edith. Throughout my life, she has served as the matriarch of my dad's side of the family. She was like a mother to my dad and a grandmother to me. She was very close to my family and she will be sorely missed.
I had the fortune of visiting her for the last time in the beginning of September 2007. When I stepped through the door, she was lying on her side watching television. When her eyes met mine, a huge smile appeared on her face. She gathered strength to stand and gave me a warm hug and a kindly word. The time spent there was in reflection of the 35 years of my visits to her house. It was in reflection of all the celebrations of Christmas (with gifts piled so high in the room that you could barely walk) and Sunday visits with enough food to feed the entire town. There was always the presence of friends and family in her house. I don't ever remember her front door ever being closed...much less locked. It was a warm, inviting and familiar sanctuary of peace and love.
I remember her mother (my great grandmother) passing when I was young . I attended the wake as a scared 6 year old who couldn't comprehend the meaning of death. It's strange that almost 30 years later, I came back to the same house to mourn the loss of the lady that gave so much.
The memorial service at her church was lovely and fitting. The graveside service was consoling and cathartic. I am honored to have taken part in the releasing of her soul to the heavens.
She will always be remembered for her constant smile and warm nature no matter how much physical pain was experiencing.
Rest in peace.
Greetings all!
In an effort to give back to a community that I feel has blessed me with so much, I am planning to volunteer my time with the Graduate Business Association for the Garden Hills Elementary School on October 6 from 9 am until 1 pm.
If you would like to join me, please email me at chris@chrishickman.net.
Time to help your community!
GBA and Hands On Atlanta -
October 6th
Show Atlanta the Caliber of People at the
Robinson College of Business...
This year we are helping:
Garden Hills Elementary School
Hands on Atlanta Day volunteers will beautify this school by:
• Constructing nature trail • Planting organic vegetable gardens • Painting music room
More about Garden Hills Elementary School... Garden Hills Elementary School was originally built in 1938. It is on the National Register of Historic Places. Garden Hills is special because of their incredible diversity. They have children and parents from all corners of the globe, which creates a wonderful environment for learning. Year round volunteers are needed for after-school tutors and before school Friday enrichment programs.
Date: Saturday, October 6
Time: 9:00AM - 1:00PM
Location: 285 Sheridan Dr
Atlanta, GA 30305
(Fulton - Central)
For more information, visit the GBA website at: http://www.gsugba.org/
For more information, e-mail: gba@gsu.edu.