Base salaries for most executive officers at First Niagara Financial Group Inc., which is preparing to purchase New Haven’s NewAlliance Bancshares Inc., are set to rise this year, Buffalo Business First reports, citing a regulatory filing.
John Koelmel, president and CEO, is set to earn $955,000 in base pay in 2011, documents filed with the U.S. Securities and Exchange Commission show. Last year his salary totaled $832,692, part of his total compensation package of $3.1 million for the year, the newspaper reports Tuesday on its website.
The bank’s decision to hike pay is tied to “significant growth during 2010” that involved expansion into eastern Pennsylvania as well as anticipated growth into New England this spring with the anticipated acquisitions of NewAlliance. Post-acquisition, the bank expects to be a $30 billion financial institution.
Koelmel is one of four named executives who will get a bump in base salary this year. Gary Crosby, executive vice president, is set to earn $575,000, up from $416,346 in 2010. Crosby’s total compensation for the year was $1.2 million.
