You know times are tough when bank presidents have banking problems
There are the bankers on Wall Street who carry home cash in a wheelbarrow, without ever having to sign on a line for anything.
They run the bank into the ground, get multimillion-dollar bonuses- get bailed out by the taxpayers and then “retire” with a big fat golden parachute and a pension for life.
Then there are real people, like:
Dayton City Commissioner Joey D. Williams, president of Chase Bank in west Ohio, has been named in a lawsuit filed on behalf of Fifth Third Bank and faces a financial judgment stemming from the default of a small business loan…
The loan was for the Popeye’s Chicken & Biscuit restaurant at 5800 Wilmington Pike in Centerville, which is closed.The lawsuit was filed in late 2009 in Montgomery County Common Pleas Court. A Dec. 1 judgment awarded the bank $850,000, which includes court costs of $113,039, according to court records.
I’ve known Joey well for over twenty years. I’m sure this is quite embarrassing to him- as well as a financial burden. But, the reality is, at least he actually put his own money up in starting a small business, that employed people. I’m pretty sure that 5/3rd took special pleasure in making an example out of a competitor, instead of working out a deal.
To me, this just says that Joey’s more like us than like the political slime that goes into office driving a Dodge Shadow with a Bush I bumper sticker- and ends up a multimillionaire congressman driving Cadillacs (Mike Turner).
Times are tough. Welcome to the club Commissioner Williams.
it’s kind of just sad all around, really.
I really have no issue with this, the majority of small business endeavors fail. My only question is why did Williams use a “competitor” bank for the loan? Why not use his own?
@Hudson- welcome-
I’m guessing that Williams choice of banks was to prevent a conflict of interest. Sort of like how Doctors don’t treat their own families.
Yeah, “real” people are always getting loans for 750k all the time. Poor guy. I bet him and Natasha will have to move to drexel now.
Well interesting on several levels and I LOVE POPEYEs Chicken especially the Red Beans and Rice! I always hit the one at Exit 79 on Route 70 when going to Columbus.
Joey does not have much faith in Dayton does he? Investing in a South of Town Location.
While I love the Chicken, that location sucked as the signage indicating the Drive thru was not evident and the entrance was restricted. All of those stores are probably in trouble along that strip. Wonder if the commercial paper on that development is in trouble?
Hmm maybe the place could have made it had it been better advertised. Looks like Joey could have used David, but nothing new there is there?
@Greg- Joey still has the location on Salem at Gettysburg- in the City. That was their first location.
The Popeyes on Gettysburg, near Hoover opened in 2003 and shut down a few years later. They never could pull the Church’s Fried Chicken crowd in. I don’t believe the Salem location is in the actual city limits, a few blocks out of it.
I do agree that the location on Wilmington Pike is not the greatest. Actually, the location is okay, but access to that strip is horrible.
The Salem Location is inside the city, The GEttysburg one as well, but they had Church’s and Hooks as well as several mom and pop places so they couldn’t compete on price. Franchisees often have to locate where the Chain tells them, just like a new investor may find out they get a McDonald’s franchise, but it may be in Bristol TN, or Madison WI, not in Dayton. Popeye’s is doing OKAY on Salem, but others were poorly located, much like the CVS WALGREENS and RITE AID stores that all located within blocks of each other,
Signage restrictions hamper businesses trying to expand into the suburbs, even in my little community, the size and scope of signage where it can be located, and how much greenspace must be provided to offset, brightness restrictions, etc. really handcuff all but the bigs from wading thru the Zoning Board hearings, engineering re-designs, to the point most don’t even try unless the chain gets them thru the process.