BANKING

Anti-Recession Bonus: Lawrence Koppelman just can’t understand why other companies haven’t followed his effort to help bury the long-running recession.

Since March 1, Koppelman, president of Western Bank Mortgage Co. in Costa Mesa, is offering his 320 employees after-tax bonuses of $1,500 to buy homes and $500 to buy new, American-made cars.

“We feel that the way out of the recession is housing and auto sales,” Koppelman said. “We feel these bonuses can help the industry, help the country, by getting something happening in a positive way. Every little bit helps.”

But while publicity about the program led to kudos from fellow business executives, apparently no one has followed suit, he said.

“People tell me it’s a unique offer, and we get very positive feedback, but no other company has called to ask about why we’re doing it or how we’re doing it,” Koppelman said. “I’m disappointed because I would have liked to have heard from more companies. It just makes sense to do something like this. It’s a way to bootstrap our way out of the recession.”

Western Bank Mortgage’s program will last through the end of June. So far, two employees have qualified for the $1,500 bonus for buying homes. They need the money to make down payments, Koppelman said. Five employees have bought cars.