WASHINGTON—The average total compensation package for CEOs running state-chartered credit unions of $1-billion in assets and higher topped $965,000 in 2013, according to one analyst.
Keith Leggett, who recently retired as senior vice president and senior economist at the American Bankers Association, culled through IRS Form 990s filed by these large state-chartered credit unions, finding too, that the median CEO compensation package was $768,888.
FCUs are not required to file Form 990s.
“Also, the Form 990s for Texans and DFCU Financial credit unions did not provide any information on CEO pay,” noted Leggett on his blog. “Suncoast Credit Union (which switched from a federal to state charter in December 2013) had not filed a Form 990 for 2013.”
Thirty-two CEOs had total compensation packages of $1 million or more, according to Leggett. Larry Scott of Campus USA Credit Union in Gainesville, Fla., was the highest compensated CEO at over $5.56 million, Leggett reported.
The average base CEO salary was almost $457,000 and the average bonus was nearly $151,000.