Monday, May 23, 2016

Average CEO Compensation Tops $1 Million for Large State Chartered CUs in 2014

Average total compensation for CEOs of state chartered credit unions with at least $1 billion in assets in 2014 was $1,017,720.

The median total compensation for 2014 was $796,722.

Compensation data are pulled from Form 990s filed by state chartered credit unions. Unfortunately, I was not able to obtain compensation data for four credit unions -- WEOKIE (OK), Advia (MI), DFCU Financial (MI), and American Eagle Financial (CT). American Eagle Financial Credit Union had not filed a Form 990 for 2014, as it switched from a federal to state charter at the end of 2014. The other three credit unions had not responded to requests for information appearing on the Form 990 Schedule J at the time this blog was published.

Federal credit unions are currently exempt from filing Form 990s and the National Credit Union Administration has not acted upon recommendations to require federal credit unions to disclose senior management compensation.

Total compensation includes base salary, bonus and incentives, other reportable income, retirement and deferred compensation, and nontaxable benefits.

Thirty-seven credit union CEOs earned a total compensation package of at least $1 million in 2014. The highest paid CEO was Olan Jones of Eastman Credit Union (Kingsport, TN) at almost $9.3 million. Glen Yeager at Utilities Employees Credit Union (Wyomissing, PA) was the next highest compensated CEO at slightly more than $5 million.

The mean base salary was $510,890. The average bonus and incentive pay was $152,889. The mean other compensation was $165,496. Retirement and deferred compensation was an average of $174,822.

Over the next couple of weeks, I will publish an analysis of CEO compensation relative to other metrics.

Below is compensation data for each CEO (click on images to enlarge).




7 comments:

  1. What a joke the "not for profit" "movement" has become.
    Most of these CEOs make more than Jim Blaine.
    And here is a real joke...
    ...Alan Kaufman is a millionaire.
    CEO of Melrose Medallion CU . That board should be removed,

    ReplyDelete
  2. We have some of the best CEO's MONEY CAN BUY!
    Extortion. Shakedown. If they were held for ransom I would not pay it. It would be a waste of corporate assets.

    ReplyDelete
  3. Keith,
    Can you also publish the same data for community bank CEO's who's bank has assets between $1b - $10b. It's hard to make any educated judgment on this compensation data without a comparison.

    ReplyDelete
  4. Compiling this information for state chartered CU CEOs was very time consuming. At this time, I don't have this information for community banks between $1 billion and $10 billion in assets. If you are aware of a database, please share.

    ReplyDelete
  5. Comma formatting for the numbers would be helpful.

    ReplyDelete
    Replies
    1. Good point. I will do that next year.

      Delete
  6. Do you know where I can get this info for 2012 and 2015? Great job by the way, Keith!

    ReplyDelete

 

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