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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Employment Law
Satisfied Customers: 17463
Experience:  B.A.; M.B.A.; J.D.
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I am seeking advice on termination. The bank I work been

Customer Question

I am seeking advice on termination. The bank I work for has been acquired by another bank. I received notice, verbally, two days ago that the new bank will not be retaining me. Although they say they have no positions available, it wasn't until I asked to meet with their management (2 months after the merger was publicly announced) that they reviewed my work experience (30+ years in banking).
Even though my employment is being terminated, they are requiring me to become an employee of the new bank for a period of one month so that I can help them through the operational transition of my current bank's core processing system to their core processing system. If I do not stay on for that month, I have been told that I will not receive the severance package that is being offered.
I am an officer of the bank, but was not included in the negotiating process of this acquisition. I feel that our executive officers and board members did not negotiate appropriate measures to protect our employees that would not be retained by the new bank.
I should also state that I did refuse to sign the Merger Agreement and Bank Merger Agreement form, which our bank president was encouraging all officers and directors to sign (1 hour before the press release was to go out) to secure our support (and votes) for the acquisition in advance of the bank’s shareholder meeting.
I can't help but think that my current bank made the new bank aware that I was not in favor of this acquisition and refused to sign that document. I can’t help but wonder if the new bank used this information as part of their hiring decision (which I am sure I could never prove). I am curious if there is any way for me to negotiate additional compensation for that one month they are requiring me to stay on board.
I am assuming that I am stuck with the current situation that I am in, but I feel like I would regret not seeking professional advice. I apologize if this message is erratic and I would like to thank, in advance, whoever ends up responding to this inquiry.
Submitted: 11 months ago.
Category: Employment Law
Expert:  Phillips Esq. replied 11 months ago.

You can contact your Human Resources Department ("HR") to see if your severance package could be sweetened based on your work history and the valuable contribution that you would make during the transition. If HR refuses your offer, then your option would be to stay under the current severance agreement or leave without receiving the severance package.