Dismissed Western Corporate Federal Credit Union President/CEO Bob Siravo did receive a large retirement payout in 2008, but it was from a deferred compensation plan and not a golden parachute severance payout, former WesCorp Board Member Diana Dykstra said.
Dykstra, president/CEO of the $610 million San Francisco Fire Credit Union, was also dismissed from WesCorp's board of directors when the NCUA seized the corporate on March 20. She broke her WesCorp-related silence and addressed rumors that former president/CEO Siravo received as much as $6 million after the conservatorship.
WesCorp announced it had paid nearly $7 million on a "nonqualified defined benefit plan" when it released its 2008 annual report in late May. The amount was much higher than the $293,000 paid out in 2007. WesCorp also added another $4 million worth of "plan amendments" to the 2008 budget (CU Times, June 10, 2009).
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