Friday, March 23, 2012

The $11 Million Man

David Maus, the President and CEO of Public Service Credit Union (Denver, Colorado), had a total compensation package in excess of $11 million for 2010.

According to Public Service's Form 990 for 2010, David Maus's base compensation was $9.8 million. On top of his base salary, the Form 990 revealed $1.2 million in retirement and other deferrred compensation.

In comparison, the average base compensation for CEOs at banks with between $1 billion and $2.9 billion in assets in 2010 was $395,000.

This pay package seems to be excessive, especially for a not-for-profit credit union with slightly more than $1 billion in assets at the end of 2010.

Form 990's for tax exempt organizations can be downloaded for free at Guidestar.
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4 comments:

  1. Matt, the Credit Union WarriorMarch 26, 2012 at 12:49 PM

    Keith,

    Maus' 2008 Salary was $457,692. His 2009 Salary was $470,697. A jump from that to $9.8 million seems unlikely. I do see it in the Form 990, but it seems like an error. NCUA Call Report data shows there was actually a dip in total employee compensation at Public Service Credit Union from 2009 to 2010...so this doesn't pass the sniff test. It seems pretty reasonable to conclude that their 2010 Form 990 has an error on it.

    ReplyDelete
  2. Keith LeggettMarch 26, 2012 at 3:10 PM

    Matt:

    According to Credit Union Times, Public Service confirmed the payment.

    ReplyDelete
  3. Scott HodginsMarch 27, 2012 at 12:48 PM

    Sounds like he's a good negotiator. You should interview him.

    ReplyDelete
  4. Deborah TrapaniMarch 28, 2012 at 12:49 PM

    This was a majority of his retirement fund...I believe a 457F. How many bankers have those? I would imagine many do.

    ReplyDelete

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