PenFed Again Pitches Merger to Members with Offer of Capital Payout; Generous Severance for 2 Execs

PenFed offered to buy the $34 million Post Office Credit Union in Madison, Wisconsin, by offering $200 to each member—and a whole lot more to credit union executives who arranged the deal.

CEO Kevin Yaeger will be offered a five-year contract with a $13,000 annual raise, while VP Tammie Stuntebeck will be offered a three-year employment contract with a $9,200 raise, but the deal also includes generous severance for both should they depart. Severance packages for both may result in a one-time payment of $614,900, the disclosure notes.

Read more.

See the impact on taxes in your state.

Tell Congress: It’s time to reform credit unions.