After skipping bonuses in 2013, Orrstown Financial Services Inc. gave its top executives salary bonuses in 2014, but one member of the group has chosen to not take his immediately.
President and CEO Thomas R. Quinn, who was awarded a cash bonus of more than $147,000 for the company’s 2014 performance, has refused it until the company is out from under the thumb of federal regulatory orders.
According to the company’s proxy report released Thursday, Quinn and executive vice presidents David P. Boyle, Jeffrey M. Seibert, Philip E. Fague and Benjamin Wallace all received salary bonuses in 2014.
Only Wallace received a bonus in 2013. There is no indication the executives other than Quinn will hold off on accepting the bonus.
“I’ve made it clear to our shareholders that I wouldn’t take a bonus until the dividend is reinstated,” Quinn said Thursday.
In March 2012, Orrstown entered into an agreement with federal and state banking regulators to restrict some of its decision-making ability because of the company’s bad loans and lack of board of directors oversight.
The regulations included not awarding stock dividends and halting all expansion efforts until the government was no longer concerned with the bank’s operations.
In April 2014, the Pennsylvania Department of Banking and Securities eased its orders and earlier this year removed all orders.
The Federal Reserve, however, has not eased its regulations yet.