CEO At Former CU Turned Bank Saw Big '05 Payday
Robert Larison, president and CEO of Atlantic Coast Federal Bank, had a year in 2005 that most credit union CEOs can only dream of.
Larison, who converted his credit union, then known as Atlantic Coast FCU, to mutual savings bank in 2000, had a million-dollar payday in 2005 when he took the credit union-convert public in an initial public offering.
Larison earned almost $1.1 million in compensation last year, including a $164,800 salary, $19,704 bonus, $13,057 for his 401K plan, $31,115 for his employee stock ownership plan, $15,410 of voluntary cash-out of personal time, $186,324 for a supplementary executive retirement plan, and a whopping $600,000 worth of restricted stock grants, according to documents filed last week with the Securities and Exchange Commission.
In fact, Larison received 41,344 free shares of in the fledgling public bank valued at $595,353 on July 1, 2005. While he earns full ownership of the shares in equal installments over the next five years, he retains voting rights and earns dividends on all of the shares since last year's grant.
Since the ex-credit union went public last April, Larison has obtained ownership of 96,615 Atlantic Coast shares valued at almost $1.4 million.