Serving on a board overseeing a closing institution.

Abstract

Swerving on a board when an institution closes provides one with a wealth of frustrations and anxieties, both concerns for the institution, its employees, its clients, and oneself as possibly financially vulnerable. In today's economy more and more board members may find themselves faced with this uncomfortable task. Hopefully this article will make such a board member aware of some of the pitfalls and some of the necessary actions, minimizing the damage and chaos that inevitably results. Even when a closing is well orchestrated, the process is painful, but a well-designed board oversight plan can minimize problems and frustrations.