But, history is going to be good to this bank board.
The bank board gave Club a note for $264.4 million.
He said the entire bank board would hear the company's plan later this month.
Gray had been on the bank board for a year.
Next year, he says, the bank board plans to close at least one such institution a week.
He said the bank board hoped that number would be cut in half within a year.
Officials at the bank board would not comment on any terms under discussion.
The insurance agency is a unit of the bank board.
"I couldn't think of a better transaction for the bank board to do."
"But to the bank board, they could represent a lot of money."
