SAN DIMAS, Calif. — Credit union executives are angry at the payout of Bob Siravo, the former CEO of WesCorp FCU, who received a $6 million payout after he was fired when NCUA took the $34 billion corporate under conservatorship.
According to one source, Siravo's pay was called for under his contract and included $2 million owed him by Travis CU when he moved to WesCorp that was not portable, and $4 million retirement benefits he earned before his retirement, scheduled for 2008, before the NCUA takeover, according to sources familiar with Siravo's compensation package.
NCUA noted that the $6 million paid to Siravo was earned by him prior to the March 20 conservatorship, and the agency repudiated any additional severance payments he was due to earn.
Francis Lee, the CEO of the one-time $52 billion U.S. Central FCU, was not as lucky and had his entire retirement package repudiated by NCUA under the agency's extraordinary conservatorship powers, the source said.
Siravo was one of the five highest-paid executives in the credit union movement and earned an annual salary of about $660,000.
Lee was also among the highest-paid credit union executives, earning about $560,000 a year.
Wescorp spokesperson Walter Laskos referred all comments to NCUA.
