WASHINGTON—The average total compensation for CEOs at large, state-chartered credit unions with at least $1 billion in assets was $1.16 million for 2017. This is the fourth consecutive year were the average compensation topped $1 million, a new report reveals.
One CEO made almost $12.5 million in total compensation, the report states.
The median total compensation for 2017 was almost $803,000.
Total compensation includes base salary, bonus and incentives, other reportable income, retirement and deferred compensation, and nontaxable benefits. Compensation information was obtained from Form 990s filed by 154 state-chartered credit unions with at least $1 billion in assets, according to a report from Keith Leggett, the former senior vice president and senior economist at the ABA.
Some SCUs Not Included
Leggett noted that at the time of his report, Form 990s for 2017 were not available for the following credit unions: Collins Community Credit Union (Iowa), CFCU Community Credit Union (New York), Melrose Credit Union (New York), Municipal Credit Union (New York), Public Service Employees Credit Union (Colorado), and Rogue Credit Union (Oregon).
Mean and median base compensation was $512,148 and $489,783, respectively. The CEO with the highest base salary was Crystal Long of GECU (El Paso, Texas) at $1,680,474, Leggett said.
A Look at Bonuses
“Mean and median incentives and bonuses were $212,134 and $116,416, respectively. Most large CU CEOs received some sort of incentive or bonus compensation,” Leggett said. “The data on base compensation and incentives and bonuses excludes information from Lake Michigan Credit Union (Michigan), because Lake Michigan CU combined base compensation with bonuses and incentives.”
Fifty-eight credit union CEOs earned total compensation of $1 million or more in 2017.
The highest paid CEO was Rick Heldebrandt of Star One Credit Union (California) with total compensation of $12,465,866 for 2017. Heldebrandt retired from the CU at the end of December in 2017.