Reliance Bank Founder Denied Golden Parachute

A federal court ruled that the founder and former top executive of Reliance Bank  should not receive a year’s salary and benefits after his employment ended because the bank received U.S. bailout funds and the pay violated a restriction on “golden parachutes.” Jerry Von Rohr sued Frontenac-based Reliance and the FDIC in February 2013, alleging the bank, which has 20 local branches, breached his employment contract by not paying him his salary and benefits from September 2011 to September 2012. Von Rohr became president, chairman and CEO of Reliance Bank in 1998 but was fired in September 2011.

 Read more from the St. Louis Post-Dispatch

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