Monday, March 25, 2013

CEO Compensation at Large State-Chartered CUs, 2011

The average 2011 compensation for CEOs at state-chartered credit unions with $1 billion or more in assets was about $814 thousand. The median CEO compensation was approximately $673 thousand.

The information on credit union CEO pay was pulled from the Form 990s filed by state-chartered credit unions. Federal credit unions do not file a Form 990 and are not included in this write-up.

Information on CEO pay was not available for three state chartered credit unions -- Meriwest, Lake Michigan, and Navy Army. Lake Michigan filed a Form 990; but did not disclose salary information.

There were 17 CU CEOs, whose total compensation exceeded $1 million. Richard Rice at Teachers Credit Union was the highest compensated CEO of a state-chartered credit union receiving almost $3.1 million in 2011.

The CEOs at these large state-chartered credit unions had an average base salary of $423,260 (median salary was $420,014). Alan Kaufman of Melrose Credit Union (NY) had the highest base salary at just over $1 million.

Bonuses or incentive pay for 2011 averaged about $110.4 thousand (median bonus payments was $77.7 thousand). The CEO who earned the largest bonus in 2011 was Kam Wong of Municipal Credit Union (NY) at $660,000.

The average deferred compensation for 2011 was approximately $134.3 thousand (median deferred compensation was $37.8 thousand). David Maus of Public Service Employees Credit Union (CO) received the largest amount of deferred compensation in 2011 in excess of $1.5 million.

Click on images to enlarge.


  1. How about adding commas to all those numbers?

  2. Can the ABA put this in the context of their members, what was their CEO's pay and total assets of the bank they managed. That is public record as well....

    1. Not for the Subchapter S non-federal corporate tax paying banks. These banks do not have the responsibility for reporting such information as private corporations.

  3. Mr. Leggett,
    Thank you. You should send this and the TDR post to the Wall Street Journal.
    It's either a future claw back story or a current day claw now and fire story!
    Look at the TDR to equity and compensation of Evangelical and Fairwinds, just to name 2!!
    What my fellow CU bloggers don't get is, we have been boasting about our purity with forked tongue!
    We don't serve the undeserved, we slay and fee them.
    Thanks to Cuna, Congress will continue to fee us and do nothing to correct the abuse. This needs public disclosure.
    Those of us who remain true credit unions are being punished.

  4. Should total comp be the sum of the other numbers? I see one where total comp is two million but the other fields add up to 700 k

  5. No. I did not include data for other reportable compensation and also a line for nontaxable benefits.

  6. Do you have similar info for federal credit unions? Particularly smaller ones. We are looking at CEO's compensation.

  7. Unfortunately, federal credit unions do not have to file a Form 990 and are not required to disclose this information.



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