Bank Directors Hit Jackpot; 12 Will Each Get $1.2m in Stock
New Haven Register › March 13, 2007
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Summary
Twelve of the 13 directors of NewAlliance Bank will each receive about $1.2 million worth of restricted stock over the next seven years, according to the bank's 2006 proxy statement. Peyton R. Patterson, who led the former New Haven Savings Bank's conversion to a public company in 2004, saw her compensation jump from $2.3 million that year to $12.17 million last year.
Patterson, who was named chairwoman, president and CEO in 2002, received $10.8 million of that total in the form of a restricted stock grant stretching over seven years. She could cash in only up to 15 percent of that total as of Jan. 1.See the full content of this document
Extract
Bank Directors Hit Jackpot; 12 Will Each Get $1.2m in Stock
As chairwoman of the board she is not eligible for the $1.2 million granted to the other 12 directors.
The totals are based on the bank's closing stock price of $14.39 a share the day the awards were granted last June. Over the seven- year period ...See the full content of this document
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