For banks, the last two years have been among the most tumultuous in history. Financial institution CEOs across the country
responded by trimming their raises in 2009. But in Indiana, bank chiefs didn’t follow form.
On Nov. 10, Oak Brook, Ill.-based accounting firm Crowe Horwath LLP released its “2009 Comprehensive Financial Institution Survey,” which compiled data from more than 320 U.S. financial institutions. The survey found that bank CEOs across the country enjoyed average raises of 4.7 percent in 2008, but got only 1-percent increases in total cash compensation in 2009.
In Indiana, the trend was reversed. Hoosier financial institution CEOs received average cash compensation increases of 2.5 percent in 2008. Their average raise in 2009 was 4.5 percent.
“Indiana banks appear to be performing better than in other areas of the country,” said Timothy Reimink, a senior consultant in Crowe’s performance group. “As a result of that better performance, CEO compensation increased more this year in Indiana than the national average.”
Crowe’s survey, which it’s conducted annually for 28 years, included data from the “2009 Indiana Financial Institution Compensation Survey,” which was co-sponsored by the Indiana Bankers Association and gathered data from 62 Indiana financial institutions.
Despite their larger raises this year, independent bank CEOs in Indiana still make less than the national average. According to Crowe, average total financial institution CEO compensation across the country in 2009 is $260,047. In Indiana, it’s $227,652.