Tuesday, January 13, 2009

Things that make you go "hmmm"

From the Californian:

The chief executive of San Joaquin Bank’s holding company, Bruce Maclin,
will reduce his work time and base salary by half, a federal filing posted
Monday shows.
The decisions were made after discussions last week with San Joaquin
Bancorp’s compensation committee, the filing said. The change wasn’t due to any
disagreement with the company or its operations, the document said. Bank
officials couldn’t immediately be reached late Monday afternoon.
Maclin’s new
base salary is $232,608. Other compensation remains unchanged.
His 2008 base
salary was $340,000 and his 2008 bonus was slated at $450,000, federal filings
show. The bank’s chief executive, Bart Hill, had the same base pay and bonus
schedule in 2008.
Both received stock options and other compensation as
well.
In 2007, total compensation for each exceeded $1 million, financial
filings show. Each also got a $50,000 travel and entertainment allowance in
2008.
Maclin had already reduced his time by 20 percent last March as a
partial retirement move.
The holding company is parent of the $887
million-asset Bakersfield bank. It trades over-the-counter under the symbol
SJQU.OB. Shares fell 90 cents Monday to close at $12.60.

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