What’s a year of your life worth?

August 10, 2006

Late yesterday, Commerical Capital Bancorp (CCBI) filed its final Q, given that investors approved its $983 million acquisition by Washington Mutual (WM). But buried in the Q, was this interesting exhibit which shows that a senior executive at CCBI, who only joined the bank last July, managed to clean up by losing his job as a result of the merger.

For one thing, James Daley, a former executive vice president in charge of commercial banking, gets to keep the $500K signing bonus he received when he joined the bank last summer. But that’s really just the cherry on top for the severance package of $4.7 million, which given his salary of around $500K and short tenure at the company, seems more than generous. That’s particularly so since CCBI shareholders didn’t exactly clean up as a result of the merger: they received $16 a share, which is lower than what the stock was trading at earlier this year.

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