BRIEF: Executive compensation change at San Joaquin Bancorp

Tue. January 13, 2009; Posted: 10:08 AM

Jan 13, 2009 (The Bakersfield Californian - McClatchy-Tribune Information Services via COMTEX) -- SJQU | Quote | Chart | News | PowerRating -- The chief executive of San Joaquin Bank's holding company, Bruce Maclin, will reduce his work time and base salary by half, a federal filing posted Monday shows.

The decisions were made after discussions last week with San Joaquin Bancorp's compensation committee, the filing said. The change wasn't due to any disagreement with the company or its operations, the document said. Bank officials couldn't immediately be reached late Monday afternoon.

Maclin's new base salary is $232,608. Other compensation remains unchanged.

His 2008 base salary was $340,000 and his 2008 bonus was slated at $450,000, federal filings show. The bank's chief executive, Bart Hill, had the same base pay and bonus schedule in 2008.

Both received stock options and other compensation as well.

In 2007, total compensation for each exceeded $1 million, financial filings show. Each also got a $50,000 travel and entertainment allowance in 2008.

Maclin had already reduced his time by 20 percent last March as a partial retirement move.

The holding company is parent of the $887 million-asset Bakersfield bank. It trades over-the-counter under the symbol SJQU.OB. Shares fell 90 cents Monday to close at $12.60.

To see more of The Bakersfield Californian, or to subscribe to the newspaper, go to http://www.bakersfield.com. Copyright (c) 2009, The Bakersfield Californian Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

For full details for SJQU click here.

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