David Maus, the CEO of the 131,000-member, $1.1 billion Public Service Employees Credit Union in Denver, was paid more than $9.8 million for his work in 2010, according to the Form 990 for the year that the credit union filed with the Internal Revenue Service.
The form also indicated Maus received more than $1.2 million in additional compensation from related organizations, lifting his overall pay for the year to above $11 million.
This makes Maus significantly more highly compensated than the average chief executive at a credit union or bank of a similar size, according to the most recent survey by the firm Executive Compensation Solutions and a similar survey conducted by the American Bankers Association.
The survey found that credit unions with assets greater than $1 billion paid their CEOs in 2011 an average of $486,117, up from $460,234 in 2010, the year in which Maus was reported to have drawn $9.8 million.
The survey of bank CEO's salaries conducted by the ABA in 2011 found banks with more than $1 billion in assets paid their CEO's an average of $550,479.
Public Service Employees confirmed the amount and said that it represented a retirement payout.
According to the credit union's Call Report, Public Service Employees ended 2010 having earned more than $12 million and ended the year with a net worth ratio of 8.81%.
Maus was not the only CU CEO to pull down more than a million dollars in 2010. According to 990 forms filed by the 38,000-member, $319 million Telesis Community Credit Union in Chatsworth, Calif., paid its CEO Grace Mayo more than $2.1 million in 2010. That year, the CU closed its books showing a loss of more than $11 million and a net worth ratio of 5.48%.
Brian Siegel, vice president of marketing for Telesis, explained that the seemingly large payment actually represented a cost savings for the credit union. "At that time, the senior executives voluntarily forfeited a deferred compensation plan, reflecting more than 25 years of service, and accepted a lower one-time payout for the financial benefit of the credit union," Siegel explained.
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