Mass firings at Coconut Grove Bank
This past week, 19 people were let go from the Coconut Grove Bank without warning.Apparently the bank is having major financial problems, the poor economy has finally caught up with them. Rumblings going around blame it on bad mortgages, which in the past, they were proud to say they were not a part of.
Senior VP and branch manager Anthony Noboa, was one of the group let go. Noboa is still president of the Grove Chamber of Commerce.
It was a case of a conservative bank making some non-conservative financial choices. The bank claims it needs to "condense branches." Does this mean close? Many just opened.
Where's the government bailout when they need it?
posted by Tom Falco at 5:44 PM
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31 Comments:
The property that the Bank is sitting on South Bayshore Dr is the last direct waterfront parcel left here in the Grove. Those of us that are in Real Estate Sales here in the Grove have always known that Coconut Grove Bank is just waiting for the right time to sell out. The views of many of the apartments in Grove Towers, and the Ritz residence tower will both be blocked. Now how long can they hold out is another question.
Bailout is another word for nationalization, perhaps they are being careful not to be taken over by government. I mean, do we not have enough of it in this town: unaccountable local government, rising taxes, vicious, overpaid and corrupt officials, nepotism.
lets tear it down and put up a modest r.e.i. or trader joes. It would provide jobs, meet the needs of the community and blend into the grove without a monstrosity of a tower.
whoa here. tear down the bank of coconut grove? You can't do that (well, you can, but remind to get my stuff out of my safe deposit box first).
This something of a bit of bad/strange news. Especially as they just opened a new branch in south miami. I have been banking with these guys forever. And live in Grove Towers (although looking the other way, towards Elliot Key).
Have you contacted anybody at the bank for their side of the story Tom? Would love to know what's going on here.
Sorry to hear people lost their jobs - especially with no warning. That's hard.
I am one of those that was let go earlier this week. Just to set the record straight, a severance package was included. During these bad economic times, management had to make some tough decisions. Am I happy? No, but CGB is probably one of the last banks in town to layoff staff.
They probably have known they were eventually going to tear down the building and that is why they opened the South Miami Branch.
FYI - the land the new bank was built on is Dave Hills, former owner of the Taurus
anon 12:!4AM: trader joes won't work in that space. the land and real estate is worth like $100M+ no trader joes would take on that kind of investment for 1 store.
an REI type store would make sense in the area (doubt this location), especially if they outfit it with nice snorkeling/boating gear.
I think this will be the last of their branches to close, they might close an underperforming one elsewhere first.
Let's all go and open up an account at the bank and keep it going. We don't want another Grovenor on that property.
Very sorry to hear about the jobs lost. Tony Noboa especially was a very good manager. I hope all goes well with him in the future.
i would KILL for an REI in the grove!!! they would be a fantastic addition to our neighborhood. but alas, i feel you are all just teasing me...
It is nice to have a bank with that history in town... but bad management can be the end of a business and this is a real true for COCONUT GROVE BANK.
Where did they leave employee moral? It is understandable that they let go people Economy is bad out there) but they definitely did not make the correct choice in some of them... Noboa, Aguilar, McCormick,... There are some other names that really needed to be out and they are warming their seats.
Good luck to those who left!!! Better luck to those who stayed...
You guys will need it.
Didn't they just get a new CEO a couple of months ago? I think he hailed from SunTrust....they aren't new to layoffs.....goes to show you can take the person out of the big bank but you can't take the big bank mentality out of the person....
I think Aguilar had been there over a decade same with McCormick...Oh well...loyalty is a concept of my generation...not the younger generation...times change.....but a lot is lost by both employees and employers nowadays....
The only reason I had accounts at CGB was because J. Aguilar was my account officer. Now that she was let go I'm closing everything out and moving wherever she choose to be. CGB's really good employees are not there anymore, tell me something about Patrick McCormick and J. Paul???. The new Management let go the employees that really care about CGB. Now everything is over. Where all lay off employees white ????? Of course!, they don't want racist opinions to come out, even though there are some of them who deserved to be lay off long time ago.
I am a long time customer with the bank, and I knew most of the people that were let go.and I know they were great and will be very, very missed, not only by customers but also by coworkers as friends...HOwever, there are still a lot of good, hard working, capable, talented people in that bank and they are all working extremelly long hours to bring everything back to normal for our sake. they love the bank and want to fight hard for the tradition and the history that it represents.
It's very sad that they've let all these great people go, but its even sadder the way they are letting them go. I heard that Alberto Sanchez and Rudy Mancilla framed one of their IT guys and got him fired. It's incredible how a bank with so much history is ruining their reputation but KARMA will play its roll.
I have been banking there since I was little but.... I think its time to move my accounts out of there!
I think Kip shoud get a JOB and forget CGB!
As a customer, I was stunned when I heard that Mr. Anthony Noboa, Sr. VP/Manager of Coconut Grove Bank (CGB) is no longer with the bank. I believe that any financial institutions would be honored to have an employee with Mr. Noboa’s caliber. His professionalism, dedication, integrity and his personal involvement with his customers as well as with the Coconut Grove community would be missed. Lastly, I cannot begin to imagine any person to fill Mr. Noboa’s shoes if there would be a replacement at CGB. What a loss to the CGB! Again, your loss is someone else’s gain…
SEB
I really could care less about Mr. Noboa, he is nothing to CGB’s history, hi’s been given his own medicine, but Jackie Aguilar, Patrick McCormick and J. Paul ???? My God, it’s like they got crazy. Thanks God G. Gomez, M. Montesino, N. Medina, Yoko, still there, nobody knows for how long. Believe me this was a huge mistake!!! BUT DO NOT forget KIP has a lot to teach you guys, for example how to get exempt after a huge scandal. He is going to be of a lot of use, he has a lot to teach CGB"s management. GOOD luck to all of you whom I love u a lot.
As a stockholder this isnt great, anymore people going down?, 20 plus yrs with some of the employees who were laid off ,guess yrs. of service mean nothing.is the bankgoing under?, is there a coo,who owns the most stock,who has the most to gain, are they selling the bank, what the heck is truely going on?? concerned!!!
Yes it's unfortunate that people with a long seniority were let go, but every company has to survive and their were too many empployees at that small bank. Its amazing they kept their cheif lending officer since hes the one really responsible for the bank losing money. He should be the first one fired.
what is the story with former pres, eggland? was he forced out or did he resign. Also i understand Kip Rabin was in for a 3 month period and then kicked out again?
I am a customer. Alot of great people there working hard. I think service is still great and always has been
fellow banker says thier problems aren't as bad as most banks.
the day Carol Murphy left the bank was the day they started falling apart, unfortunately tho, she was such an asset to CGB. Every week or two they keep shuffling and reshuffling people and their positions, it is no longer family bank I mean I still have 2-3 accounts there and I love Allison there but maybe we should look for another bank, and i am not crazy about any of them right now.
I agree that Carol Murphy's departure was a bad sign. Kuci probably drove her out. It is amazing he's still there. Bet he's the next to go though.
I've been visited by some of their calling folks and I'm told their earnigns are lokking up again. Does anyone know where one can find that info? After Colonial folded I like local community banks
This is a great bank and what happened is normal. CGB is just fine. Actually better now than three weeks ago. Tough decisions have to be made from time to time. That's leadership. If you do not agree go bank at Colonial!
The words KIP RABIN mean trouble for CGB. When will the CGB Board wake up and see what he really is? Did't the board learn from Kip's past CGB leadership? He already has legal problems with a once wealthy Homestead Family for losing all thier money (the reason for his CGB departure)! Wake up Board! or BYE BYE CGB!
Rumor has it that there is a new wave of layoffs from CGB coming up.
The numbers are not all that great as expected. Bankrupcies,and bad loans are still jumping. On a most positive wave, happily some of the people that left are already working. Wish you the best CGB because my money is in your vault... I hope.
dunno it's goin on two years i believe since their online banking system was supposed to go live with real time transactions, bank officer told me the company they hired had made a mistake (mind you this was 4 months after the notice of the system going live)and they were beta testing the fix and the system should be up and running in two months, that was like 20 months ago and still nothing
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