The Nation Newspaper

Tag: Polaris Bank

  • Polaris Bank supports breast cancer survivors

    Pan Nigerian women survive breast cancer?  Yes, was the resounding answer, as  50 women who have had different stages of breast cancer trooped out to share their survival stories.

    Gathered at the Sheraton Lagos Hotel, Ikeja, the survivors with organisers of the event with the theme:  ‘Celebrating our Pink Heroes’ were the staff of Polaris Bank, and other well meaning personalities, and survivors’ families.

    According to the bank, the event was in further demonstration of its unwavering commitment to global and national efforts to stem breast cancer among women, and so it has raised its support for breast cancer survivors in Nigeria by hosting 50 of the survivors to end-of-year get-together.

    Group Managing Director/CEO of Polaris Bank, Tokunbo Abiru said love and care demonstrated to breast cancer patients and survivors have enormous positive influence on their physical and mental wellbeing.

    Abiru said safety and healthcare are good pillars of Polaris Bank’s Corporate Social Responsibility (CSR), explaining that the bank in partnership with its CSR partner, Care Organisation Public Enlightenment (C.O.PE), would continue to ensure reduction of breast cancer in the country through increased awareness, advocacy and support for both patients and survivors.

    “For us at Polaris Bank, our commitment to the fight against breast cancer is unwavering. We have consistently demonstrated this by drawing public awareness to the menace in addition to sponsoring free screening for women in conjunction with C.O.PE Foundation”, he said.

    Represented by Segun Opeke, the Directorate Head, Lagos Business, the Polaris Bank boss said the key objective of hosting the survivors was to afford them an opportunity to publicly share their experience, educate more Nigerians about breast cancer, encourage women living with breast cancer to see the positive side of life, and to demystify the stigma associated with breast cancer.

    Abiru said, “By coming out publicly to talk about their experience, our survivors and heroes have offered an enduring therapy to all persons currently battling the disease and a re-orientation to those who think it’s a stigma to experience cancer. I daresay that the stigma of death on account of secrecy is indeed worse.”

    Speaking about the bank’s footprints on breast cancer campaign, the CEO revealed that over the last 10 years, the bank in partnership with C.O.PE has covered four key milestones namely prevention, detection, treatment and advocacy. These include provision of free screening opportunities for over 15,000 women including female staff members of the bank, and the donation of two ultra-modern breast cancer screening machines (LogiQ C2 and Mind Ray Ultra-Sound System) to enhance quality diagnosis and clinical practices.

    He said others include sponsored treatment of over 30 indigent cancer patients, and the 10-km walk at two different locations within Lagos metropolis with over 2,500 participants to draw public attention to cancer scourge.

    Abiru, while lamenting the high prevalence of breast cancer in Nigeria, appealed to corporate organisations and other  stakeholders to support ongoing efforts to lessen the burden to the barest minimum.”

    President/CEO of C.O.PE, Ebunola Anozie said the get-together was a platform to thank God for the life of the survivors and to appreciate Polaris Bank for its support to breast cancer patients in Nigeria. “This year, we decided to bring it here to say thank God and to exchange gifts as well. I also appreciate our sponsors, Polaris Bank; they have been with us for nearly 20 years now. For some time, we had difficulty getting the required support for the women; some of our women used handkerchiefs, some used tissues to fill up their bras. But we thank God for the support of Polaris Bank. They were able to donate prosthesis that ensured they lived better lives”, she said.

    A breast cancer survivor, Nnenna Obasi, in her testimonial disclosed that she was diagnosed with breast cancer in 2013, and by seeking immediate medical attention and with the support of family and organisations like C.O.PE and Polaris Bank, she overcame the scourge. She stressed the need for early detection and immediate medical attention as well as healthy feeding and healthy lifestyle including staying joyful as important steps to overcome breast cancer scourge. Obasi added that being diagnosed with breast cancer did not indicate the end of life, and commended Polaris Bank and C.O.PE for the support, care and encouragement to get back their life.

    Chairman of Board of Trustees of C.O.PE Foundation, Prof. Osato Giwa-Osagie, who was represented by a Trustee,  Engr. Dapo Abe, said the organisation was established in 1995 with the vision to reduce mortality rate of breast cancer through advocacy, treatment, research and education.

     

  • Polaris Bank ups the ante, positions for competition

    The establishment of a bridge bank, Polaris Bank, following the revocation of the operating licence of Skye Bank Plc by the Central Bank of Nigeria, left depositors in near panic. But, a number of strategic and proactive actions by the board and management of the newly-recapitalised bank may have stabilised the bank and restored the confidence of panic-stricken customers. They may have also given the bank some competitive edge in the retail and commercial banking space. Assistant Editor CHIKODI OKEREOCHA writes.

    The initial upsurge in the number of panicstricken depositors and customers in the defunct Skye Bank Plc has given way to stronger confidence and loyalty. Most of the customers and depositors in Skye Bank, which gave birth to Polaris Bank, following the recent revocation of the operating licence of the former by the Central Bank of Nigeria (CBN) visited branches of Polaris Bank nationwide to ascertain the status of their deposits or to simply clear their accounts.

    But, their panic, The Nation learnt, quickly fizzled out after they realised that the board and management of the newly-recapitalised bank had put their hands in the plough to stabilise the bank and restore customers’ confidence. The result is that today, no depositor or customer has complained about going to any branch of Polaris Bank without being able to withdraw money or transact other businesses.

    This is despite the few initial negative commentaries that trailed CBN’s action. For instance, one open position held by critics of the intervention of the CBN, was that the apex bank, alongside other regulators including the Nigeria Deposit Insurance Corporation (NDIC) and Asset Management Company of Nigeria (AMCON) were only putting in place ‘cosmetic show’. Such critics had intoned that depositors in the now rested Skye bank Plc, notwithstanding the take-over by Polaris Bank, will likely suffer the same fate as Savannah Bank, Societe Generale and African Continental Bank, where customers lost all their deposits.

    But in what may have proved critics wrong, while also demonstrating the impressive capacity of the Board, management and staff of Polaris to steady the ship of the bank and stabilise its operations, all manners of transactions are now seamless and effortless. One of the bank’s customers, a young woman, Ada Kanu, confirmed this much when she said she transferred her money back to Polaris when she realised that it has stabilised.

    “I just opened an account with the bank last year and I must confess I was terrified when I heard of the CBN’s move. I went to the bank on immediately and as a precaution, transferred money to my other account in another bank. But after three weeks of carefully observing the situation and realising there is no cause for alarm, I transferred the money back to Polaris,” Kanu said.

    Getting it right

    AMCON, The Nation learnt, put its right foot forward when, as part of measures to help place the new bank on a solid footing, it injected a whopping N786 billion into Polaris Bank, while the new banking entity acquired all assets and liabilities of the defunct Skye Bank.

    The establishment of Polaris Bank as a bridge bank to take over assets and liabilities of defunct Skye Bank Plc was said to have saved Nigeria contagious risks that could have led to disruptions in the financial system and loss of more than 6,000 jobs.

    The NDIC explained that it decided on the bridge bank option because it was the most effective and efficient way to resolve the Skye Bank crisis without much loss to the financial system and the economy generally.

    Its Managing Director, Umaru Ibrahim, said that while the corporation has other bank failure resolution measures such as purchase and assumption, provision of liquidity support, assisted merger, take over and management of ailing banks, outright liquidation, the bridge bank option allows unhindered operations of the bank while sourcing for investors and addressing other fundamental issues.

    According to him, unlike the other failure resolution options such as outright liquidation, which could result in delays in depositors’ access to their total funds, the bridge bank guarantees depositors uninterrupted operation of their accounts. The same benefits apply to the creditors of the failing bank whose liabilities are assumed by the bridge bank.

    The NDIC boss said the adoption of the bridge bank as the resolution option of the defunct Skye Bank saved 6000 jobs and ensured continuity of banking services in the 300 branches of the defunct bank.

    These obvious benefits are not lost on the MD/CEO of Polaris Bank, Tokunbo Abiru, which was why, under his watch, the bank’s management rolled out a number of strategic actions to protect depositors and also position the bank for the future.

    Some of the proactive measures include stabilising the institution, entrenching sound corporate governance and risk management practices, and restoration of depositors’ confidence.

    Speaking to newsmen in Lagos, Abiru said: “Our major achievement was being able to stabilise the bank. You will recall that when the intervention was done in July 2018, there was a major run on the bank’s operation. Part of what we have been able to do is to find a way to stabilise the bank.”

    He, therefore, reassured stakeholders, particularly depositors and customers, that their accounts have been automatically migrated from the defunct Skye Bank to Polaris Bank. “Polaris is a well-capitalised bank, which makes it a solid bank in terms of good corporate governance and value. It also has a very strong backing of the regulators like CBN and NDIC.’’

    The management of the bank, which took over in July 2018 after the CBN removed the former Board of Directors and management for various indiscretions, and which the apex bank retained for its performance, have been proactive in boosting depositor’s confidence and sound health of the new bank.

    Yet, the evolution of Polaris Bank is not just for the safety of customers’ funds, but also for digital innovation, value reorientation, better customer experience, and strategic investment in human capital development of the entire architecture of the bank.

    For instance, the new Abiru-led management recently graduated 61 new employees who were trained at the Polaris Business School, Ibadan, Oyo State.

    Speaking at the occasion, Abiru said: “What we see in the future is a bank that, in the next three to five years, is one of the first five banks in Nigeria; a full-fledged retail bank with strong digital backing. So, our stakeholders will get more of enhanced values, which are clearly different from the bank of the past.”

  • Polaris Bank: Lifting depositors’confidence

    The Central Bank of Nigeria’s (CBN’s) decision to protect depositors’ funds in the defunct Skye Bank and its smooth takeover by Polaris Bank Limited have raised bank customers’ confidence in the sector. Defunct Skye Bank relied on CBN’s intervention to stay afloat. The takeover and injection of N786 billion into Polaris Bank have kept it running efficiently in nearly three weeks of operation, writes COLLINS NWEZE.

    IT was business as usual at defunct Skye Bank Plc on Friday, September 21. Many customers were busy carrying out their transactions without knowing that its end had come and a new lender would take over.

    When the news broke around 6.pm, Polaris Bank Limited was established to assume defunct Skye Bank’s ownership as well as assets and liabilities.

    Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, who broke the news to reporters, assured depositors that their funds were safe.

    Emefiele,who spoke in the presence of Nigeria Deposit Insurance Corporation (NDIC) Managing Director, Umaru Ibrahim, and his Asset Management Corporation of Nigeria counterpart, Ahmed Kuru, said the banking sector’s stability remained a priority for the CBN.

    He said the apex bank took the decision to stop Skye Bank from relying on CBN’s intervention to remain afloat. The defunct Skye Bank had been on CBN’s lifeline since July 2016 and the apex bank said it could no longer continue to intervene to keep the bank liquid.

    The AMCON, which owns Polaris Bank, injected N786 billion into the new bank.The long-time loan was priced at single digit interest rate. New investors are expected to see the value in the new bank and buy it from the Federal Government.

    The regulators’target was to save depositors’ funds and ensure the bank continued as a going concern, being a Systemically Important Bank (SIB).

    Emefiele said the bank’s performance has improved considerably compared to the pre-July 2016 era.

    “The result of our examinations and forensic audit of the bank have, however, revealed that Skye Bank requires urgent recapitalisation as it can no longer continue to live on borrowed times with indefinite liquidity support from the CBN. The shareholders of the bank have been unable to recapitalise it,” Emefiele said.

    Post-capitalisation feedback

    Findings by The Nation showed that transactions have continued smoothly at the branches of Polaris Bank since September 24, the first business day after the CBN withdrew Skye Bank licence.

    At the bank’s Lagos branches in Ogba, Ikeja, Marina, Victoria Island and Matori as well as in Abuja, workers, clients and customers have been transacting businesses without hitches. The seamless transaction experiences have been replicated across branches of the bank nationwide.

    Few customers that approached the customer service officers for clarifications on what the takeover meant for their deposits were assured that there was no cause for alarm.

    However, bank managers and customer service officers had a more than normal flow of customers making inquiries, clarifications and assurances on the safety of their funds.

    One Abuja-based customer, Mrs. Adeyemi Adeosun, an octogenarian and a school owner, said she initially went to the bank with a resolve to withdraw or transfer  her funds to another bank but changed her mind after discussing with the branch manager.

    She said: “I came here to withdraw or transfer all my money in the bank because of the experiences I have had in the past with liquidated banks. When I heard the news about Skye Bank, I almost had a heart attack. After speaking with the branch manager, my confidence in the bank has been restored and my fears gone.”

    Another customer, Moses Adigun, said on that weekend, he made up his mind on how to get his money from the bank.

    His fears were, however, assuaged after his encounter with the bank’s customer representative who assured him that all was well.

    Another customer, who came to open a current account at a branch of the bank in Ikeja, Lagos, said she was assured and adequately educated by the customers’ service representative that the bank is not in any form of crisis and that her funds were safe and secured.

    She, however, did not like the fact that the current account form given to her still had the Skye Bank logo. The customer service officer had to use her pen to strike out the name and wrote Polaris Bank at the top of the account opening form.

    Further checks across various branches of the bank showed that normal banking was on and many customers did not express any fear, especially with the injection of huge funds into the bank.

    Ibrahim had also assured customers of the continued safety of their funds in furtherance of the regulatory authority’s resolve to proactively manage potential threats to financial system stability.

    Kuru would soon speak on way forward for the new lender, especially on its sale to new investors.

    AMCON Head Corporate Communication, Jude Nwauzor, said  Kuru was unavailable but would soon meet with financial reporters to brief them on the way forward for the new lender.

    However, financial pundits said new investors were expected to see the value in the new bank and buy it from AMCON.

    Besides, employees of defunct Skye Bank were absorbed by Polaris Bank under a new contract unless an employee decides to go.

    Other stakeholders speak

    The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) lauded the CBN for revoking Skye Bank’s licence.

    The union said the huge cash injected into Polaris Bank, was a bold move at ensuring the soundness and efficiency of the sector. It urged AMCON to ensure that the bank’s sale  be done under best practices.

    ASSBIFI National President Comrade Oyinkan Olasanoye stated this while briefing reporters in Lagos. She said there was no need for panic.

    Olasanoye noted that as at today, Polaris Bank has a clean balance sheet as it carries no toxic assets in its new balance sheet. “The bank is well positioned to meet its obligations to all its numerous customers,” she said.

    She advised the bank’s numerous customers to continue to do business with it, adding that there was no cause for alarm.

    Olasanoye said ASSBIFI, as a strategic partner in the sector, would study the purchase and assumption agreement, which established Polaris Bank and engage its management in discussions to ensure that it realised its vision, goals and objectives.

    The president advised that only healthy financial institutions with clean balance sheets,  should participate in the exercise and the best among them made to pay.

    Lagos-based financial analyst, Kingsley Abbey, said the revocation of the licence of the defunct Skye Bank and the assumption of the bank’s assets and liabilities by Polaris Bank Limited would help solve the lender’s solvency hitches.

    He said the move by the regulators would help limit likely systemic failure in banking  and raise depositors’ confidence in the sector.

    Analysts at CSL Stockbrokers Limited explained that since 2016, defunct Skye Bank had been under the close watch of the CBN after Central Bank discovered some unacceptable corporate governance lapses as well as the persistent failure of Skye Bank to meet minimum thresholds in critical prudential and adequacy ratios, which culminated in the bank’s permanent presence at the CBN Lending Window.

    Polaris Bank Group Managing Director (GMD) Adetokunbo Abiru stated the efforts of the new management team to stabilise the defunct Skye Bank and reassured  stakeholders of the bank that it would have no problem meeting its obligations to corresponding banks, depositors, customers and other financial institutions.

    He also stated that Polaris Bank had been established to assume ownership of the assets and liabilities of Skye Bank, while the management of the defunct bank had been retained for its good performance.

    In an interview with ARISE News, the chief executive officer of the new bank said in the last two years, the bank, under the defunct Skye Bank, had met its obligations to all stakeholders and would continue to do with the current arrangement.

    Explaining how the management had been able to stabilise the bank, Abiru said Polaris Bank has been fully capitalised and has the support of CBN and NDIC, adding that depositors are entitled to make withdrawals and are also encouraged to maintain their deposits and banking relationships with the bank.

    He said: “Our major achievement was being able to stabilise the bank. You will recall that when the intervention was done in July 16, 2018, there was a major run on the operation of the bank, and part of what we have been able to do is to find a way to stabilise the bank.

    ‘’Today, that has been achieved; we have also be able to bring a sense of corporate governance to the operation of the bank, and we have also been able to recover a lot of loans. And as we speak, we have been able to recover over N100 billion; that is a major achievement.’’

    On the expectations from the new bank, Abiru assured its stakeholders, particularly depositors and customers, that their accounts would automatically migrate from the ex-Skye Bank to Polaris Bank, saying: “Polaris is a well-capitalised bank, which makes it a very strong bank, in term of corporate good governance and value and has a very strong backing of the regulators like CBN and NDIC.’’

  • Polaris Bank best option for resolving Skye Bank crisis, says NDIC

    The establishment of Polaris Bank as a bridge bank to take over assets and liabilities of defunct Skye Bank Plc saved Nigeria contagious risks that could have led to disruptions in the financial system and loss of more than 6,000 jobs.

    The Nigeria Deposit Insurance Corporation (NDIC) said it decided on the bridge bank option because it was the most effective and efficient way to resolve the Skye Bank crisis without much loss to the financial system and the economy generally.

    Managing Director, Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim said that while the corporation has other bank failure resolution measures such as purchase and assumption, provision of liquidity support, assisted merger, take over and management of ailing banks, outright liquidation, the bridge bank option allows unhindered operations of the bank while sourcing for investors and addressing other fundamental issues.

    According to him, unlike the other failure resolution options such as outright liquidation which could result in delays in depositors’ access to their total funds, the bridge bank guarantees depositors uninterrupted operation of their accounts. The same benefits apply to the creditors of the failing bank whose liabilities are assumed by the bridge bank.

    He said the adoption of the bridge bank as the resolution option of the defunct Skye Bank saved 6000 jobs and ensured continuity of banking services in the 300 branches of the defunct bank.

    “On the whole, the bridge bank ensures preservation and continuity of daily operations that were hitherto being undertaken by the failed bank throughout all its branches and guarantees all depositors immediate access to their deposits. It ensures that no jobs are lost in the resolution process,” Ibrahim said.

    He noted that the stability of the banking system cannot be over emphasised pointing out that the establishment of Polaris Bank Limited to resolve the failed Skye Bank was done in the interest of depositors, staff, financial system and the economy generally.

    He said the establishment of the bank was in line with the corporation’s core mandate of guaranteeing deposit and resolving bank failure and illiquidity.

    Ibrahim explained that NDIC undertook a strenuous due process in the establishment of Polaris Bank Limited as a bridge bank to take over the defunct Skye Bank.

    According to him, although the establishment of Polaris Bank Limited immediately before the revocation of the operating license of Skye bank may appear spontaneous to the uninformed, the processes leading to the establishment of the bridge bank was actually very thorough and exhaustive as provided for under Part VIII, Section 39 of the NDIC Act (2006) as amended.

    He noted that the key objectives of the bank failure resolution include maintaining public confidence, enhancing market discipline and minimising the use of tax payers’ funds as well as minimising disruption to the banking system among others.

    He pointed out that a bridge bank is incorporated by the NDIC to take over the loans and advances, fixed assets, other assets, deposits and other liabilities of a failed or failing bank on and managed until the bridge bank is in such a state that it becomes viable to be sold to credible investors. However, where the bridge bank remains unviable after the stipulated period for its existence, the Deposit Insurer could resort to its liquidation.

    The first step involves series of consultations between the NDIC and Central Bank of Nigeria (CBN) after which the name and bridge bank is incorporated and registered with the Corporate Affairs Commission (CAC) as a limited liability company with the objective of assuming the deposits and other liabilities of the failing bank along with the acquisition of its assets.

    After incorporation, the CBN issues operating licence to the bridge bank to  enable it commence operations as a fully licensed bank. At the third stage, the NDIC transfers the entire assets and liabilities of the failing bank (i.e. Skye Bank Plc) to the bridge bank (i.e. Polaris Bank Limited) under a ‘Purchase and Assumption’ (P&A) Agreement executed between the NDIC and the Bridge bank.

    Under the purchase and assumption agreement, all or some of the assets and all or some of the liabilities of the failing bank which are transferred to the bridge bank to enable it carry out the business of the failing bank, which, in this instance, happens to be the defunct Skye Bank Plc.The biggest advantage of this arrangement is that the depositors of Skye Bank Plc are able to access their deposits at the Polaris Bank Limited (i.e. the bridge bank) without hindrance.

    The fourth process involves the withdrawal of the operating licence of the Skye Bank Plc by the CBN, upon which the closed bank is effectively handed over to the NDIC being the provisional liquidator, as provided for under the NDIC Act, 2006, as amended. The NDIC commences the liquidation process by filing appropriate applications at the Federal High Court.

    The NDIC operates the Bridge Bank and appoints Directors to manage the bank until suitable investors are found for its acquisition. In the course of all these, the NDIC enjoys forbearances from Regulatory Authorities in the operations of the bridge bank as it strives to return it to the path of profitability. The final act in the process is that once investors acquire the bridge bank, it is no longer a bridge bank. It becomes a regular bank.

    The aforementioned processes were followed in the resolution of the defunct Afribank, Bank PHB, and the Spring Bank in 2011. Skye bank is only the latest to be subjected to the same resolution process.

    He, however,  pointed out that the bridge bank is not an end in itself. It can be best described as a special purpose vehicle designed to return a failing bank to profitably bearing another name. If it fails to return to profitability in the timeframe envisaged by the Deposit Insurer, the bank must be liquidated. However, the experience of the NDIC in the management of the Bridge Banks it previously established, have been highly successful.

    The Asset Management Corporation of Nigeria (AMCON) had capitalised the previous bridge banks established by the Corporation which it later sold to new investors. Many countries such as the USA, Philippines, Japan, Korea, Taiwan had, at one time or the other, successfully adopted the Bridge Bank option for the distress resolution of ailing banks in their various jurisdictions.

    The CBN had on July 4, 2016 taken over the management of the Skye Bank by reconstituting the board of directors and management of the bank to pave way for a new team to take charge of the bank and resolve various issues that were perceived to be hindering its optimal performance. The apex bank then gave the new board and management a clear mandate with particular focus areas to turn the institution around positively. The apex bank in July 2018 extended the tenure of the board of directors and management of Skye Bank for another two years till June 30, 2020. However, on September 21, 2018, the CBN revoked the operating licence of Skye Bank and licensed Polaris Bank as a bridge bank to take over assets and liabilities of defunct Skye Bank.

  • Polaris Bank: Normalcy returns to branches in Abuja

    Normalcy seems to have returned to Polaris Bank (former Skye Bank) branches across Abuja as staff, clients and customers were seen going about their expected and normal banking operations without itches or delay.

    It could be recalled that the now Polaris Bank was set up by the Central Bank of Nigeria (CBN) as a bridge bank to assume the assets and liabilities of the defunct Skye Bank under the strict supervision of the CBN, Asset Management Corporation of Nigeria (AMCON) and Nigeria Deposit Insurance Corporation (NDIC).

    However, bank managers and customer service officers had a constant and more than normal flow of customers making inquiries, clarifications and assurances of the safety of their funds in the bank.

    One of the banks customers, Mrs. Adeyemi, an octogenarian and a school owner, said she initially went to the bank with a resolve to withdraw or transfer all her funds to another bank.

    Read Also: CBN revokes Skye Bank’s licence

    According to her, “I came here to withdraw or transfer all my money in the bank because of the experiences I have had in the past with liquidated banks. When I heard the news about Skye Bank I almost had a heart attack; it was by God’s grace that I didn’t pass to the beyond.

    “After speaking with the branch manager today, my confidence in the bank has been restored and my fears reduced; though not totally.”

    Another customer of the bank who chose to remain anonymous, said he had a very long weekend as his mind was set on how to get out his money from the bank come Monday. He however said that his fears were assuaged after his encounter with the bank’s customer representative.

    Another customer who came to open a current account said she was assured and adequately educated by the Customers’ service representative that the bank is not in any form of crisis and that her funds are safe and secured.

    She however did not like the fact that the current account form given to her still had the Skye Bank logo; the customer service officer had to use her pen to strike out the name and wrote Polaris Bank at the top.

    The NDIC, as Deposit Insurer, has over the weekend assured customers of the continued safety of their funds in furtherance of the regulatory authority’s resolve to proactively manage potential threats to financial system stability.

    Also, employees of the defunct Skye Bank cum Polaris Bank are confident that the organization is back and better, and that they had already received their provisional employment letters as staff of the new bank. However, whether or not the legitimate fears and concern of the customers and shareholders is tenable will be a matter of time.