TCF Raises Cooper’s Salary 58%, Extends Contract
TCF Financial Corporation disclosed in a Monday regulatory filing that it has boosted the salary of its chief executive, Bill Cooper, and also extended his contract.
Wayzata-based TCF increased Cooper's base salary to $1.5 million. Regulatory filings show that Cooper's base salary previously totaled $950,000, and his total compensation package in 2010 was roughly $2.17 million.
TCF also extended Cooper's contract term through December 31, 2015; the new agreement amends a contract established in July 2009, which was to run through December 31, 2014, according to documents filed with the U.S. Securities and Exchange Commission. The former agreement also included “an automatic one-year term renewal thereafter unless Mr. Cooper or the company elects not to renew it.” The new agreement eliminates that provision.
Cooper was appointed CEO of TCF in 1985 and retired from his post in 2006-only to return to lead the company two years later. According to a report by the Pioneer Press, Cooper at first took no salary after returning to TCF but was later awarded the $950,000 salary. Citing Bloomberg data, the St. Paul newspaper also reported that Cooper is the largest individual shareholder of TCF.
TCF is Minnesota's second-largest bank-holding company, with $18.7 billion in assets as of June 30. The company recently reported fourth-quarter earnings of $16.4 million, less than half of the $33.9 million reported during the fourth quarter of 2010. Net income for the full year of 2011 totaled $109.4 million, compared with $150.9 million in 2010.