Rockville Bank’s outgoing CEO William J. McGurk will receive a $140,000 special cash bonus in recognition of his 31 years of service at the bank, regulatory filings show.
The Vernon-based lender’s Human Resources Committee approved the special payout in recognition of the bank’s “outstanding financial performance and strong asset quality,” under McGurk’s tenure, a filing with the U.S. Securities and Exchange Commission shows.
McGurk, who is set to retire in April and will be succeeded by William H. W. “Bill” Crawford IV, is also getting a pay raise. His salary is being bumped up to $481,000 from $432,772.
It’s his first pay raise since 2008, regulatory filings show.
Additionally, after his retirement, McGurk will serve as an advisor to the bank earning $96,000 annually for two years to provide business development, industry and community public relations.
