Independent Bank reports 2018 executive compensation

CEO William B. Kessel receives $1.1M

Independent Bank reported fiscal year 2018 executive compensation information on March 7, 2019.

In 2018, five executives at Independent Bank received on average a compensation package of $658,463, a 5% increase compared to previous year.

Average pay of disclosed executives at Independent Bank

William B. Kessel, Chief Executive Officer, received $1,103,298 in total, which increased by 11% compared to 2017. 43.51% of Kessel's compensation, or $480,000, was in salary. Kessel also received $349,870 in non-equity incentive plan, $232,979 in stock awards, as well as $40,449 in other compensation.

Robert N. Shuster, Chief Financial Officer, received a compensation package of $560,037, which increased by 8% compared to previous year. 47.77% of the compensation package, or $267,525, was in salary.

Patrick J. Ervin, Executive Vice President Mortgage Banking, earned $550,491 in 2018, a 12% decrease compared to previous year.

Stefanie M. Kimball, Executive Vice President Chief Risk Officer, received $543,607 in 2018, which increases by 6% compared to 2017.

Dennis J. Mack, Executive Vice President Chief Lending Officer, earned $534,883 in 2018, a 8% increase compared to previous year.