Executives at Union Bankshares Corp., the parent of local Union Bank and Trust and its 43 locations, earned slightly more in 2008 than in 2007, despite a rough year. The bank accepted $59 million in federal money as part of the Troubled Asset Relief Program, cut the dividend payment to stock holders by 35 percent and earned 26.5 percent less in 2008 than in 2007.
President and chief executive William Beale pulled down $505,196 in total compensation.
John Neal, an executive vice president and chief banking officer, made $334,910.
Anthony Peay, the chief financial officer, raked in $270,000.
Elizabeth Bentley, an executive vice president, made $165,541, and Rex Hockemeyer, also an executive vice president, made $112,989.
The figures are according to a proxy statement filed with the SEC and sent to shareholders, which says that compensations for executives/officers includes base salary, performance-based cash incentives and long-term equity compensation.
Wait…they “earned slightly more in 2008 than in 2007” AND “earned 26.5 percent less in 2008 than in 2007”? How does that work?