CEO At Former CU-Turned- Bank Cashes In $1M Payday
Robert Larison, president and CEO of Atlantic Coast Federal had a year in 2005 that most credit union executives can only dream of.
Just a year after taking his converted credit union, known until November 2000 as Atlantic Coast FCU, public in an initial public offering, the former credit union executive took home more than $1.2 million in cash and stock-based compensation, according to documents filed with the Securities and Exchange Commission. That includes 41,344 shares of restricted stock-valued at $654,000; 40,000 options worth $120,000 on a May 10 closing price of $15.75; a salary of $164,800; a $20,000 bonus; and employee stock ownership, and other retirement and benefits worth $290,000. The restricted shares vest over five years but Larison received both voting rights and dividends to them immediately.
Earnings for 2005 were easily five times what Larison earned running the credit union in 2000. At the end of 2005, just one year after the former credit union went public, Larison owned almost 100,000 shares of Atlantic Coast stock worth $1.5 million. Larison's chief lieutenant, chief financial officer Jon Parker, who helped him engineer the credit union conversion, also reaped a healthy payday, earning more than $660,000 last year and obtaining shares worth more than $1.1 million. Directors too, who served on a volunteer basis while the institution was a credit union, were paid well, each earning $17,700 in board fees last year, with the ex-CU promising them $10,000 annually for 10 years after retiring from the board, as well as another $10,288 for those who choose to serve as directors emeritus.