Taxpayers will be picking up the cost of the failed Integrity Bank, which was “centered around a Christian faith-based business model.” What does that mean? Well, part if it was tithing its net income (something tells me that it went to the churches of its officers). Maybe this was the other part:
CEO Steve Skow earned $1.8 million that year, while senior lender and executive vice president Doug Ballard earned $847,222. A typical community bank CEO, banking consultants said, earn roughly $300,000 per year.
Nice. Oh, and here’s a nifty little touch:
Integrity’s employees regularly prayed before meetings or in branch lobbies with customers[.]
Because it’s easier to steal when you get people to close their eyes.