Monday, July 31, 2017

Large State Chartered CU CEOs 2015 Compensation Tops $1 Million

Chief executive officers at state chartered credit unions with at least $1 billion in assets reported an average total compensation of $1.021 million for 2015.

Median CEO compensation was $808,942 for 2015.

Compensation data are pulled from Form 990s filed by state chartered credit unions.

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.

DFCU Financial Credit Union (Dearborn, MI) did not disclose compensation information for its CEO and did not respond to request for this information. Advia Credit Union (Parchment, MI) did not disclose detail information on CEOs compensation in its Form 990 and only provided information regarding CEO's total compensation upon request. Lake Michigan Credit Union (Grand Rapids, MI) combined base and bonus & incentive compensation.

The mean base salary was $489,614. The average bonus and incentive pay was $148,449. The mean other compensation was $197,815. Retirement and deferred compensation was an average of $166,645.

Forty-nine credit union CEOs earned more than $1 million in 2015.

The highest paid CEO was James Jordan of Schools Financial Credit Union (Sacramento, CA) at $5.7 million. The next highest paid CEO was Teresa Halleck of San Diego County Credit Union (San Diego, CA) at almost $5.6 million.

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

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3 comments:

  1. AnonymousJuly 31, 2017 at 10:15 AM

    Alan Kaufman's comp at Melrose is exceptionally troublesome. I know this is 20/20 hindsight, but...................

    ReplyDelete
  2. StuartPAugust 1, 2017 at 3:00 AM

    Looks like the credit union community has some of the best CEOs money can buy!

    ReplyDelete
  3. StuartPAugust 2, 2017 at 6:20 PM

    So Jimmy and Teresa gross over $100,000 per week. Is it based on pay for performance? Are they paying above market dividends to their member - shareholders? I didn't think so. Are they charging below market interest rates on loans to their member - shareholders? I didn't think
    so. GREED - "When more is not enough!" To heck with the membership - shareholder. Shakedown the salary and fee the members to support the criminal enterprise. The Mafia must hate this CU CEO competition for graft and extortion. I say recall the board of directors and fire management.

    ReplyDelete

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