SELCO Community Credit Union Steve McIntire Silco Credit Union Cosigner Ripe Off. Eugene, Oregon

Banking industry makes issue of credit unions’ CEO salaries

By Christian Wihtol

The Register-Guard

Published: March 3, 2013 12:00AM, Midnight, March 3

Oregon’s largest credit unions are writing some very large paychecks to their top executives, a fact the banking industry is underscoring in its lobbying effort to have credit unions pay taxes.

Oregon’s biggest credit union, Portland-based OnPoint Community Credit Union, paid its CEO, Rob Stuart, $2.6 million in 2011 in total compensation, including base pay, bonus, deferred compensation and other pay, according to the credit union’s recent Internal Revenue Service filing. That’s up from a $1.8 million package in 2010, the banking industry notes.

The big increase illustrates just how much money nonprofit credit unions are making, the banking industry says.

In response to the banking industry’s jab, OnPoint released a statement that said: “More than 250,000 members of OnPoint Community Credit Union have entrusted us with the stewardship of over $3 billion in assets. As one of the largest locally based financial institutions we take that responsibility very seriously and have created a highly competitive executive compensation package to attract and retain the best leadership from the financial sector. And when the assets of our members are protected and growing, our leadership is rewarded.” OnPoint added: “We stand by our efforts to put in place executive leaders who can deliver the results (members) deserve.”

Stuart isn’t the only Oregon credit union executive drawing a hefty salary.

Three of the state’s six largest credit unions, as measured by assets, are based in Lane County.

The state’s No. 2 credit union in terms of assets, Eugene-based Oregon Community Credit Union, paid its director of investment services, Richard Dwyer, $709,000 in total compensation in 2011, up from $488,000 in 2010, according to IRS filings. Dwyer was the credit union’s highest paid executive. Behind him was CEO Amanda Jones, with $380,000 in total compensation in 2011, according to IRS filings, up from $304,000 in 2010. Oregon Community has $1.1 billion in assets.

Rosie Pryor, the credit union’s spokeswoman, said Dwyer is paid on commission. “He works in investment planning with high-wealth individuals. His compensation structure is a function of his sales role,” Pryor said.

The credit union’s board of directors establishes CEO pay, Pryor said. “We set the compensation in such as way as to attract top-caliber talent and retain it,” she said. “We’re very satisfied that our CEO earns every penny of it.”

The state’s No. 3 credit union is also local — Eugene-based SELCO Credit Union. It paid its CEO, Bob Newcomb, $778,000 in total compensation in 2011, up from $582,000 in 2010, according to IRS filings. The credit union has $1 billion in assets. Newcomb did not return a call seeking comment.

Springfield-based Northwest Community Credit Union, with $766 million in assets, paid its new CEO, John Iglesias, $385,000 in total compensation in 2011. With $766 million in assets, Northwest Community is the state’s No. 6 credit union. “CEO compensation is set and reviewed annually by the professionally experienced volunteer board of directors,” the credit union said in a statement.

With nearly $1 billion in assets, Portland-based Advantis Credit Union, is No. 4 in the state. It paid its CEO, Ron Barrick, $672,000 in compensation in 2011, up from $633,000 in 2010.

No. 5 in the state is Unitus Community Credit Union in Portland, which paid its CEO, Patricia Smith, $742,000 in 2011, down from the $791,000 she received in 2010.

Lynn Heider, a spokewoman for the Northwest Credit Union Association, said credit unions are much like banks in their complexity.

“Broadly, a credit union is as sophisticated as a bank in terms of the financial services it provides,” she said. “A credit union CEO is doing the same job as the the CEO of a bank.”

So, she said, “CEO salaries must be competitive to attract and keep the most talented people.”

http://www.registerguard.com/web/news/sevendays/29510398-47/credit-union-ceo-compensation-assets.html.csp

Do you even know what a cco-signor is? When you co-sign, you agree to be equally responsible for paying back the loan. Your "friend" is the one at fault here and I would hesitate to call him a friend after he did this to you.

". silco says as a cosigner i have no rights?" You have the right (obligation) to repay the loan since your "buddy" stiffed you with his obligation. He must have had poor credit to require a co-signor and it looks like he hasn't learned a thing.

Your friend earns twice what you earn yet you qualified for a loan that he was unable to obtain. Didn't that indicate to you that your friend has credit problems and has a habit of not paying bills? OK, you missed that red flag.

Feel free to 'Google' this- CO-SIGNING A LOAN, and go to the related sites for more information. 

It seems a bit odd that no one from SELCO contacted you since your name and contact information was obviously on the loan agreement, right? You might want to call an attorney to find out if SELCO may have violated your rights by not informing you of what was transpiring, correct?

Good luck and keep us posted.

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