NEW YORKâEven as Progressive Credit Union was losing almost $97.2 million during 2017, its then CEO, Robert Familant, was paid approximately $1.9 million, a new report reveals.
The credit union has since been merged.
The credit union was among the New York City-area credit unions that were taxi medallion lenders that eventually faced large losses, leading to a merger with Pentagon FCU early this year.
Familant had total compensation of $1,931,827 for 2017 with a base compensation of $1,870,722, according to the credit union's Form 990, reported Keith Leggett.
Familant's compensation was scaled back from almost $2.3 million in 2016, reported Leggett. The credit union had $470.6 million in assets at the end of 2017.
As CUToday.info reported earlier, Familant was paid approximately $30 million in salary and deferred payouts during the taxi medallion bubble, including $4.8 million in bonuses and incentives in 2014, the year it burst, according to disclosure forms obtained by the New York Times.