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Executives at the $9.4 billion Wings Financial Credit Union in Apple Valley, Minn., will get a big payout if their members approved a merger in December with the $10.3 billion Ent Credit Union in Colorado Springs, Colo.
The consolidation was announced in April. If approved, the legal merger is expected to finalize in January.
Wings Financial President/CEO Frank Weidner is set to receive $6,964,962, three times his annual base salary plus target incentives, according to the credit union’s merger documents filed with the NCUA. This compensation was agreed to under a board-approved change-in-control agreement in 2020. After the merger, Weidner will remain in an advisory role for one year at his current compensation level. Post-merger, he will remain employed with the credit union for one year in an advisory role at his current compensation level.
According to Wings Financial’s 2023 IRS 990 form, Weidner’s total compensation totaled $3,762,566, which included base pay of $1,036,044, $877,364 in bonus and incentive compensation, $11,243 in other reportable compensation, $1,814,568 in retirement and other deferred compensation and $21,347 in nontaxable benefits. The 2024 filing is not yet publicly available.
Chief Member Experience Officer John Wagner will receive a $1,427,235 payout, two times his annual base salary plus target incentives, under a 2020 change-in-control agreement. He is also eligible for a one-time $195,000 bonus if he remains with the credit union after the consolidation.
Wagner’s 2023 base compensation was $387,009. His total compensation was $720,351, which included bonus and incentives, retirement and nontaxable benefits, according to the IRS filing.
Wings Financial Chief Lending Officer Norm Creveling will receive a $343,572 base salary increase post-merger. He is also eligible for a $175,000 bonus if he stays after the consolidation. Creveling also will be eligible for a retention bonus equal to three times his annual compensation if he stays for the three-year integration period. In 2023, his base compensation was $345,366, and his total compensation was $844,370.
Chief Digital and Technology Officer Song Hou will get a $111,508 base salary increase and a one-time $170,000 bonus if he remains post-merger. He is also eligible for a retention bonus equal to three times his annual compensation if he stays for three-year integration. In 2023, Hou earned $325,568 in base pay and $587,926 in total compensation.
Chief Administrative Officer and General Counsel Greg Higgins will receive a $299,766 base salary increase. He is eligible for a $175,000 bonus if employed on the merger date and a retention bonus equal to three times his annual compensation if he remains during the full three-year integration. In 2023, Higgins earned $389,366 in base pay and $723,897 in total compensation.
The combined credit union will retain the Wings Financial brand and adopt a higher board compensation structure.
Wings Financial Board Chair Greg Miller will receive $2,500 more per month. And board members Cheryl Minks, Geoff Heck, Elizabeth Caven, Drew Boeke and Ben Humphrey will receive $1,833 more per month.
In 2023, annual compensation for Wings Financial’s seven board members ranged from a low of $43,000 to a high of $50,000, according to the credit union 990 form filed with the IRS.
For the 10 Ent board members, their annual compensation ranged from a low $34,200 to a high $68,875, according to the credit union’s 990 form filed with the IRS.
In 2023, Ent’s President/CEO Chad Graves received $3,427,572 in total compensation, which included $900,000 in base compensation, $494,935 in bonus and incentive compensation, $1,499,379 in other reportable compensation, $514,700 in retirement and deferred compensation, and $18,558 in nontaxable benefits.
Peter Strozniak can be reached at pstrozniak@cutimes.com.
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