CU Board Director Pay: Most Not At All, Some Handsomely
The reaction among the roomful of credit union board members was shock and awe.
During the course of CUNA’s Credit Union Roundtable for Board Leadership in Chicago last summer, one person said that his credit union chairman was paid $10,000 a year and the vice chairman got $8,000 a year, said Gary Klotz, chair of the $500 million Community Choice Credit Union in Farmington Hills, Mich. “The reaction in the room was almost one of disbelief that they were paying them anything.”
In Georgia, the 15 board members of the $1.3 billion Associated Credit Union in Norcross were collectively paid $76,000, with stipends from $3,000 to $6,000, and a median board stipend of $5,500.
The $452 million First Community Credit Union in Jamestown, N.D., paid its eight board members a total of $35,500, with stipends from $1,600 to $5,300 and a median annual stipend of $5,300.