Members of Servus Credit Union are angry that its CEO, Steve Blakely, has received a $3.6 million bonus right on the heels of the executive announcing that he would retire on April 30, the Edmonton Journal reported.

Bill Anhorn, chairman of the CU, told the publication Blakely received the bonus for 2008 because there was no guarantee that he would keep his job after a merger with two Alberta, Canada-based CUs.

"I don't think I can say that [the bonus] had nothing to do with it," Anhorn said in the April 3 article. "Basically, we looked at the entire situation and the board considered what was in the best interest of the corporation in terms of moving forward and continuing to complete the vision of establishing this first province-wide credit union."

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