WASHINGTON—Average total compensation for CEOs of state chartered credit unions with at least $1 billion in assets in 2014 was $1,017,720, reports Keith Leggett—who also added that one CEO is making nearly $9.3 million.
The median total compensation among this group for 2014 was $796,722, Leggett said.
Leggett, the former senior vice president and senior economist at the ABA, on his Credit Union Watch blog stated that the comp figures were pulled from Form 990s filed by state-chartered credit unions.
“Unfortunately, I was not able to obtain compensation data for four credit unions – WEOKIE (Oklahoma), Advia (Michigan), DFCU Financial (Michigan), and American Eagle Financial (Connecticut),” said Leggett on his website. “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 that NCUA “has not acted upon recommendations to require federal credit unions to disclose senior management compensation,” Leggett wrote.
Total compensation includes base salary, bonus and incentives, other reportable income, retirement and deferred compensation, and nontaxable benefits, Leggett explained.
Leggett said his research shows that 37 CU leaders earned a total compensation package of at least $1 million in 2014.
“The highest paid CEO was Olan Jones of Eastman Credit Union (Kingsport, Tenn.) at almost $9.3 million,” said Leggett. “Glen Yeager at Utilities Employees Credit Union (Wyomissing, Penn.) was the next highest compensated CEO at slightly more than $5 million.”
Leggett summarized that among this group the CEO 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,” he said.