Bailed-Out Bank Tries Golden Parachute Loophole - ProPublica

This bank holding company has seven branches in the Rockford area. 

When is a golden parachute not a golden parachute? Associated Banc-Corp [1] of Wisconsin, which received $525 million in TARP money last year, seems to have found an answer to the riddle.

Lisa Binder, Associated Banc-Corp [1]’s president and chief operating officer, resigned. But she didn’t leave empty-handed: The bank agreed to pay her $1.65 million.

Binder’s severance agreement [3], filed last week with the Securities and Exchange Commission,  acknowledges the ban on golden parachutes. But Binder’s payment isn’t a golden parachute according to the agreement: It’s compensation for “services rendered.”  Those services? Not competing with the bank.

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