Insiders At Ex-CU Await Million-DollarPayday
FIFE, Wash. - (12/10/04) -- Managers and directors of RainierPacific Savings Bank, once known as Rainier Pacific CU, are due tocash in next June to the tune of $1.2 million of free stock in theyear-old savings bank. That's when the first installment of fiveyears worth of restricted stock grants become vested for theinsiders of the converted credit union. Documents filed with theSecurities and Exchange Commission show the biggest recipient ofthe restricted stock plan, popular among creditunions-turned-savings banks, will be president and CEO John Hall,who will receive 12,000 shares worth $211,560; the firstinstallment of $1.1 million worth of shares due him over the nextfive years. Also due to receive stock awards next June are: VictorToy, the secretary, 8,000 shares worth $141,000; Joel Edwards,chief financial officer, 4,500 shares worth $79,335; CarolynMiddleton, vice president, $4,500 shares worth $79,335; and DalenHarrison, vice president, 4,500 shares worth $79,335. The plan alsocalls for nine non-employee directors to receive 2,000 shares worth$35,260 in each of the next five years. Those same individuals arealso due to receive options to buy 554,000 Rainier Pacific sharesat a discount over the next five years, too. Those insiders havealready profited handsomely from last year's initial publicoffering of the former credit union, purchasing almost one millionshares at the initial price of $10 each, now worth $17.63 each--a$7.6 million windfall in a year's time.