CEO compensation at state-chartered credit unions

by. Keith Leggett

The average 2011 compensation for CEOs at state-chartered credit unions with $1 billion or more in assets was about $814 thousand. The median CEO compensation was approximately $673 thousand.

The information on credit union CEO pay was pulled from the Form 990s filed by state-chartered credit unions. Federal credit unions do not file a Form 990 and are not included in this write-up.

Information on CEO pay was not available for three state chartered credit unions — Meriwest, Lake Michigan, and Navy Army. Lake Michigan filed a Form 990; but did not disclose salary information.

There were 17 CU CEOs, whose total compensation exceeded $1 million. Paul Marsh at Teachers Credit Union was the highest compensated CEO of a state-chartered credit union receiving almost $3.1 million in 2011.

The CEOs at these large state-chartered credit unions had an average base salary of $423,260 (median salary was $420,014). Alan Kaufman of Melrose Credit Union (NY) had the highest base salary at just over $1 million.

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