Salaries Rise Faster Than Predicted
MADISON, Wis.-Salaries for credit union CEOs rose faster than expected, with the average base salary increase at 8%, according to the 2007 CUES Executive Compensation Survey. The survey, conducted on behalf of CUES by enetrix, is based on data from 900 CUs.
Almost 80% of CEOs reported receiving bonus or incentive payments, although the on average amount (less than 14% of base salary) remains small relative to banking executives. CU earnings and board evaluations were most often cited as driving bonuses, and the use of bonuses increases with the CU's size.
Other CU executives are also being paid more this year-total compensation among those with the title of EVP, COO, CFO, CLO, branch executive and CUSO executive rose an average 7.7% since last year.
For info: www.survey.cues.org
Clerk Charged in $155,000 Theft
WESTBURY, N.Y.-A Nassau Educators FCU clerk was arrested and charged with siphoning $155,000 from member accounts by electronically transferring the funds into his own accounts. Jones Jean, 34, a senior accounting clerk at the credit union, was charged with grand larceny. Jean allegedly made a series of money transfers beginning in April 2004 and continued to do so until the theft was discovered during an audit by a senior financial analyst who reported it to authorities.
$4 Million in Education Grants
SALT LAKE CITY-The 100% for Kids CU Education Foundation said it awarded 28 grants for a total of $68,000 to local schools and teachers, making more than $4 million in school funding provided by the Utah credit unions fund. In the last school year, the foundation, a subsidiary of the Utah CU League, awarded almost 900 grants for a total of almost $875,000 in the last school year. The foundation was created five years ago with funds the state's credit unions-who converted to federal charters-would have paid to the state as sales taxes.
CU Colors New HQ Pastel Green
SAN DIEGO-North Island CU broke ground on a six-story, 130,000 square-foot headquarters that will feature many environmentally friendly features. The project, which will carry an island-inspired theme, will recycle water for irrigation use, recycled materials incorporated in the construction and focus on energy-efficient mechanical systems, which the $1.5-billion credit union hopes will qualify the building for a LEED Green Building Rating. The "Island" theme will include a landscape consisting of tropical plants and a plaza in front depicting the breaking surf. The exterior will feature a sea-foam green concrete walkway that becomes polished entering the building.
