The former senior executives of Massachusetts-based Danversbank, which was acquired by Bridgeport regional lender People’s United Bank, are receiving big pay days as a result of the recently completed merger, the Salem News reports.
The bank’s top five executives will share more than $38 million in severance pay, bonuses, stock options, retirement plans, and tax and insurance payments as part of the deal, the Salem News reports, citing information obtained in a regulatory filing with the Massachusetts Division of Banks.
Danversbank President and CEO Kevin Bottomley, who will now serve on the board of People’s United Bank, will received a compensation package valued at $17.1 million.
Packages were also awarded to Executive Vice Presidents James McCarthy and John O’Neil ($7.3 million each), Mark Panella ($4.8 million), and Michael McCurdy ($1.38 million).
