Financial Institutions, parent of Five Star Bank, said Wednesday that it will pay its interim CEO a salary of $300,000, on top of his board fees as a director and chairman of the board, until it finds a permanent successor to former CEO Peter Humphrey.
The Warsaw-based company said in a regulatory filing with the Securities and Exchange Commission that its Management Development & Compensation Committee had made the salary for John E. Benjamin effective retroactive to Aug. 27, when Humphrey abruptly retired from the bank that his family had owned and run for over 160 years.
Benjamin will also receive annual compensation of $149,107 in cash, stock and a car allowance for serving on and chairing the board. In the meantime, the board is still continuing its search "to identify qualified candidates" for the permanent job.
Additionally, the board increased the annual salaries of both Richard J. Harrison and Martin K. Birmingham to $275,000, also retroactive to Aug. 27, to reflect their increased duties after Humphrey's resignation. Harrison is executive vice president and chief operating officer, while Birmingham is president and chief of community banking.