Ten times the fun!

November 1, 2004

On Friday, Associated Banc Corp (ASBC) completed its $745 million acquisition of First Federal Capital Corp (FTFC) and chances are that former First Federal CEO Jack Rusch spent the weekend celebrating. Rusch, 58, whose salary was $365,000 last year, received a lavish consulting contract as part of the deal. He’ll receive $3.585 million to consult with Associated over the next two years according to the bank’s 8-K filed Friday. It’s not exactly clear what he’ll be doing for that kind of dough — nearly ten times his 2003 salary — but it doesn’t exactly sound like a full-time job. But wait — that’s not all. Last year, Rusch also received 15,000 shares of stock, bringing his total holdings to over 500,000 shares. Given that Associated paid $33 a share for First Federal, Rusch’s total take-home will end up being around $20 million.

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