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FHLBB Interim CEO Nets $25K Bonus

Aug 6, 2009 | Reprints | Unlock Link | Print

Two months’ work bagged M. Susan Elliott a bonus of $25,000 for her term as interim president and CEO of the Federal Home Loan Bank of Boston.

Public filings from Aug. 5 show that the bank’s board of directors approved the one-time bonus for Elliott after receiving the go-ahead from its regulator, the Federal Housing Finance Agency.

Elliott, executive vice president, held the CEO job after the retirement of former FHLB CEO Michael Jessee in April; Edward A. Hjerpe III, then interim CEO of Strata Bank, was announced as Jessee’s permanent replacement in May.

Filings from the bank indicate that Elliott’s base salary as of 2008 was $284,000.

FHLB is an $80 billion banking cooperative that provides funds to about 450 regional institutions.

Banking & Lending