WASHINGTON—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, according to a new analysis.
Median CEO compensation was $808,942 for 2015, reported Keith Leggett, the former senior vice president and senior economist at the ABA, on his Credit Union Watch blog.
Forty-nine credit union CEOs earned more than $1 million in 2015, with the highest-paid leader making $5.7 million.
Leggett said compensation data was 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, Leggett noted.
Leggett said that the total compensation in his report includes base salary, bonus and incentives, other reportable income, retirement and deferred compensation, and nontaxable benefits.
“DFCU Financial Credit Union (Dearborn, Mich.) did not disclose compensation information for its CEO and did not respond to request for this information. Advia Credit Union (Parchment, Mich.) 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, Mich.) combined base and bonus and incentive compensation,” Leggett explained.
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, he said.
The highest paid CEO was James Jordan of Schools Financial Credit Union (Sacramento, Calf.) at $5.7 million. The next highest paid CEO was Teresa Halleck of San Diego County Credit Union (San Diego) at almost $5.6 million, Leggett reported.