WAYCROSS, Ga. - (04/13/06) -- Robert Larison, president and CEO ofAtlantic Coast Federal Bank had a year in 2005 that most creditunion CEOs can only dream of. Larison, who converted his creditunion, then known as Atlantic Coast FCU, to mutual savings bank in2000, had a million-dollar payday in 2005 when he took the creditunion-convert public in an initial public offering. Larison earnedalmost $1.1 million in compensation last year; including a $164,800salary, $19,704 bonus, $13,057 for his 401K plan, $31,115 for hisemployee stock ownership plan, $15,410 of voluntary cash-out ofpersonal time, $186,324 for a supplementary executive retirementplan, and a whopping $600,000 worth of restricted stock grants,according to documents filed last week with the Securities andExchange Commission. In fact, Larison received 41,344 free sharesof in the fledgling public bank valued at $595,353 on July 1, 2005.While he earns full ownership of the shares in equal installmentsover the next five years, he retains voting rights and earnsdividends on all of the shares since last year's grant. Since theex-credit union went public last April, Larison has obtainedownership of 96,615 Atlantic Coast shares valued at almost $1.4million.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
July 3 -
Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
July 3 -
Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
July 3 -
In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
July 3 -
The Federal Reserve has banned a Wyoming bank employee from the banking industry for embezzling more than $30,000 from a charity.
July 3