ANNAPOLIS, MD – The president and chief executive officer of Severn Bancorp Inc. received an 8.8 percent increase in total compensation to $490,248 in 2016, according to the company proxy filed with the Securities and Exchange Commission.
Alan Hyatt’s compensation in 2015 totaled $450,631.
Hyatt’s base salary increased 2.4 percent, from $381,686 to $396,860 for the year. He received an additional bonus of $20,000.
Paul Susie, executive vice president and chief financial officer, earned a total compensation of $101,420 for 2016. In his first year with the company, Susie received a base salary of $79,093, with option awards, bonuses and other compensation amounting to $22,327.
Christopher Chick, executive vice president and chief lending officer, saw a substantial increase in compensation for the year. Chick received a base salary of $227,188, a 445 percent increase from the $51,030 he received in 2015.
Chick’s total compensation for 2016 was $290,052, a 473 percent increase from the $61,383 he received the previous year.
Executive compensation is determined by Severn Bancorp’s compensation committee, which reviews the executive compensation program in November of each year.
The committee has determined the 2017 base salaries for Hyatt, Susie and Chick are $396,860, $195,000 and $234,000, respectively.
Severn Bancorp will hold its annual stockholders meeting on April 27 at 9 a.m.
Severn Bancorp operates as the holding company for Severn Savings Bank, a full service bank conducting business in Maryland, Virginia and Delaware.
Severn Bancorp stock closed on March 24 at $7.15, down 5 cents, or 0.69 percent for the day.
This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism