Bank CEO departs without parachute

" James Giancola, who was replaced in late January as CEO of Melrose Park-based Midwest Banc Holdings Inc., is due a severance of $481,200 under his employment contract, according to a preliminary proxy statement filed late last week by the $3.6-billion-asset bank. But the bank isn’t paying him because the federal stimulus law signed in February by President Barack Obama forbids “golden parachute” payments to executives departing banks that have received federal funds from last year’s bank-bailout program."