Reliance pays its CEO $460,000
Jerry Von Rohr earned $460,548 last year as chief executive of Reliance Bancshares, a bank that has received $40 million in government funding through the Troubled Asset Relief Program.
Reliance’s proxy statement, filed last week, says Von Rohr earned a salary of $309,688, a bonus of $125,000 and perquisites that include $13,462 worth of club memberships.
Since it accepted the TARP money, Reliance says it was required to reviewed its pay practices and “ensure that the Officer compensation arrangements do not encourage any Officers to take unnecessary and excessive risks that threaten the value of the Company.”
Reliance, which operates in St. Louis and Fort Myers, Fla., posted a $319,000 loss last year. Its shares have lost more than 60 percent of their value since the beginning of 2008.
(2 votes, average: 1.5 out of 5)
Loading ...
David Nicklaus has covered St. Louis business for more than 25 years. His column appears three days a week on the Post-Dispatch business page. 
So the bank gets TARP money and the bank lost $319,000.00 and they give the CEO $125,000.00 bonus. Let’s see so the loss would have only been $194,000.00 if he didn’t get the bonus. My guess is he’s not the only one who got a bonus. So it’s highly likely the bank could have turned a profit if the bonus program was suspended.
It’s not that simple of course. There are tax deductions, contract obligations, and a myriad other general accounting rules that get you to that bottom number, but I hear what you are saying Cut.
As to the share price, show me a bank stock that DIDN’T take a pounding in their share price last year…
“It’s not that simple of course” What contract obligations are there when company looses money? its like saying pay me for poor, very poor performance its the CEO Creed so what if I can still live with myself and still look in the mirror so what….
Tim,
Try 2 of Missouri’s largest banks for example.
CBSH and UMB
There are a good number of banks out there that did a good job of risk management and who have a solid business model.
Where’s the public outrage over THIS??!! Why isn’t there a tea party about this?