Bankers make more bucks

Pay for local bank CEOs rose in 2009 but was still below 2007 levels, according to SEC filings.

At Eastern Virginia Bankshares (the parent company of Tappahannock-based EVB), president and chief executive Joe Shearin received total compensation of $370,885 in 2009, according to a proxy statement filed with the SEC. The bank lost $8.8 million in 2009, an $11.9 million decrease from net income of $3.1 million in 2008.

In 2008, he received $320,149; in 2007, $421,548.

Ronald Blevins, the CFO, received total compensation of $199,756 in 2009, down from $202,714 in 2008 and $221,747 in 2008.

Joseph James, the COO, received $175,254 in 2009, up from $162,958 in 2008 but down from $214,197 in 2007.

James Thomas, the chief credit officer, brought home $154,292 in 2009, up from $142,433 in 2008 but down from $183,827 in 2007.

The top three paid directors:
W. Rand Cook: $29,000
Leslie E. Taylor: $22,055
F.L. Garrett: $21,500

Meanwhile, the corporate parent of Union First Market Bank, itself a recent meld of Union Bank and First Market Bank, saw compensation rebound as well. According to the proxy filing, the company was prohibited by regulators from paying bonuses, retention awards or other incentives to its five most highly paid executives.

President and CEO Billy Beale received total compensation of $459,532 in 2009, up from $498,894 in 2008 but down from $549,179 in 2007.

Profits at Union fell 42.4 percent in 2009 to $8.4 million.

CFO Anthony Peay received $246,183 in 2009, up from $227,495 in 2008 but down from $295,011 in 2007.

John Neal, an executive vice president, received $314,914 in 2009, up from $288,760 in 2008 but down from $352,253 in 2007.

Elizabeth Bentley
, an executive vice president, received $184,478 in 2009, up from $158,275 in 2008 and up from $161,485 in 2007.

The top three highest paid directors at Union:
A.D. Whittaker: $55,790
Ronald Hicks: $43,945
Ronald Tillett: $41,075

Other local banks, including Bank of Virginia, First Capital Bank and Bankers Trust (the parent of Bank of Essex) do not file proxy statements unavailable online. One other tidbit or note, Bankers Trust has received a non-compliance letter from the SEC for failing to file its annual report on time. You can read more about that here.

Aaron Kremer is the BizSense editor. Please send news tips to [email protected]

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2 Comments on "Bankers make more bucks"

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Correction: a previous version of this story stated that salaries rose at Union First Market Bank. THe statement should have said, “Compensation rose.” According to an email from CEO Billy Beale, “Neal and Peay received a 2 percent increase in base salary. Bentley’s increase in base was a result of increased job responsibilities. The total compensation figure was larger as a result of non-cash awards, in this case restricted stock grants based on the corporation’s total shareholder return over the last three years as compared to our peer group plus time vested restricted stock. The use of stock compensation better… Read more »
William T. Didlake
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Executives and Directors in Americal are receiving too much compensation and other compensation in stock options, deferred compensation, other benefits including retirement benefits.

There should be a look back period and they should not get so much when the organization is loosing money, going bankrupt and the other employees, creditors and stockholder are loosing out.

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