Sick of rising fees, poor customer service and huge salaries for multinational bank executives, local residents moved millions of dollars to credit union accounts on “Bank Transfer Day” this weekend.
But credit union executives aren’t exactly among “the 99%,” either.
While none earn nearly as much as the CEO of Wells Fargo, who garnered about $17.5 million in pay and stock options last year, the bosses at the state's largest credit unions averaged about $600,000 in compensation during 2009. Since credit unions are much smaller than banks, a greater proportion of their income often goes to pay their top executive.
This chart shows the 2009 compensation of the highest-paid executives at 25 of California's largest non-profit credit unions, according to tax filings.
Sources: IRS; Guidestar. Shown are the 25 credit unions with the highest annual income during 2009, excluding those that do not file IRS form 990s.
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