Workers at the Bank of Bermuda met with CEO Henry Smith to get the low down on the possible $1.3 billion sell-out to HSBC yesterday ? and questioned why they would only be paid $45 a share.

A number of staff members who spoke to anonymously last night said a lot of people felt the combined share price being offered by the banks was not high enough ? considering the current price of the shares was $44.84, anyway.

The dissatisfaction with the price could lead to some shareholders disagreeing to the sale of Bermuda?s largest financial institution, however, most said the buy-out was highly likely to go through.

Even if a number of smaller shareholders voted against the sale, just a handful of big shareholders, including directors, are likely to have the majority vote and push the buy-out through.

However, workers said although the sale would, in some ways, be sad, they believed it was the right way for the bank to go.

One man, who would not be named, said: ?The feeling of a lot of people is that the bank is going to have to justify why $45 a share.

?At the meetings today, this question came up a few times. It?s not generally regarded as a good price for shareholders, although it might be a good deal for senior management who have options.

?I think most people are going through an absorbing stage at the moment. People are concerned about their personal situations and whether they are going to be made redundant, and what will happen to their pensions.

?Of course, it will be nice to get $100,000 for the shares, but then you may have to find another job.?

However, everyone said the meetings were very informative and said Mr. Smith was open and frank when asked questions.

And everyone spoke to said they fully understood why the Bank of Bermuda was going in the buy-out direction given today?s global market.

One Bermudian woman said there was an ?unsettled? feeling among staff, and a ?buzz?, largely caused by a lack of detail, she said.

But she said she was happy.

?I think the sale could be a positive thing and it could lead to greater opportunities for staff,? she said.

?I?m not worried about my job, but I know some people are, since they already stated there would be redundancies.

?But I think most of all at the meeting, people were asking about the share price and how they arrived at that price. I have shares and I know I would have liked the price to be more.

?People wanted to know whether the Bank of Bermuda looked elsewhere for a buyer, or whether they were approached by anyone else. I think people want to know that it is the best deal.?

Hundreds of bank workers attended the two meetings at Hamilton Princess yesterday, at 2 p.m. and 4 p.m., to discuss the possible buy-out by multinational bank HSBC Holdings Plc ? the world?s second largest bank by market value ? for $1.3 billion.

One man, an ex-pat worker, who was present said he agreed with the proposed sale. He said it would become increasingly difficult for a small bank, like the Bank of Bermuda, to continue competing on the world stage with such massive financial institutions.

?It was a good meeting,? he said. ?There were some good questions asked and Mr. Smith seemed to answer them. But people are obviously concerned about the details at the moment.

?I?m not worried about my job. In many ways, this could create better opportunities. Here, we have a limited pool of where we can advance to, but this sale could open up a whole new world.

?Most of the questions were from Bermudians ? they were the ones that seemed mostly concerned. They were concerned that HSBC staff were going to be brought in, but everyone was assured that that would not be the case.?

And this worker also said there were lots of questions about the share price. Shareholders will receive $45 a share ? $40 from HSBC and a $5 special dividend from the Bank of Bermuda.

The price is said to be 16 percent more than the average closing price of the bank?s shares on the Nasdaq over the last three months, according to a joint statement from both banks.

He added: ?I don?t think people are unhappy with it ? it?s almost the highest price it has been in a year, but it would have been nice to have got a little bit more, of course.?

However, the worker said he believed it would be sad to see the Bank of Bermuda sold to an outside financial giant, although he fully appreciated why it was considered essential in today?s world.

?I think the Bank of Bermuda added a quaintness to Bermuda. We don?t have Burger Kings and big foreign entities, so this will change the face of banking a little bit.?

But one man said: ?The concept of being acquired is really the right direction we have to go in. We are a very small bank in a global economy and it?s not good to run a bank like that.

? But I think the point is, is the price right??

However, one worker said he was trying not to think about the proposals until the sale was definite.

He said: ?I have not spoken to that many people about it because I?m not thinking about it until its all signed and sealed. I think that?s the best way.?