Insiders Profit From ConversionSynergy
EAST CRANFORD, N.J. - (06/20/05) -- The conversion to savings bank hasbeen especially sweet for top managers of Synergy Financial Group,who have all tripled their annual compensation since converting theinstitution once known as Synergy FCU. But no one has benefitedmore from the switch than John Fiore, president and CEO of the $900million bank who engineered the 1998 switch from credit union. Thecharter change helped boost Fiore's annual compensation from$314,469 in 2000, to more than $1 million by 2004, according todocuments filed with the Securities and Exchange Commission andreviewed by The Credit Union Journal. And this year promises to beeven better. In 2004 Fiore earned $467,437 in salary, bonus andretirement compensation--and as much as $2 million in restrictedstock grants and options, to be vested over five years. Inaddition, the company tore up its retirement agreement with Fiorethis year and agreed to a new one paying him at least $102,000 ayear for 15 years after he retires. At the company's annual meetingthis year Fiore claimed beneficial ownership of 189,995 SynergyFinancial shares valued at $2.25 million.