Independent Bank CEO William Kessel's 2020 pay rises 17% to $1.3M

Independent Bank reports 2020 executive compensation

By ExecPay News

Published: March 5, 2021

Independent Bank reported fiscal year 2020 executive compensation information on March 5, 2021.
In 2020, eight executives at Independent Bank received on average a compensation package of $539K, a 3% decrease compared to previous year.
Average pay of disclosed executives at Independent Bank
William B. Kessel, Chief Executive Officer, received $1.3M in total, which increased by 17% compared to 2019. 39% of Kessel's compensation, or $510K, was in salary. Kessel also received $469K in non-equity incentive plan, $257K in stock awards, as well as $56K in other compensation.
Stefanie M. Kimball, Executive Vice President Chief Risk Officer, received a compensation package of $629K, which increased by 17% compared to previous year. 44% of the compensation package, or $274K, was in salary.
Dennis J. Mack, Executive Vice President Chief Lending Officer, earned $613K in 2020, a 18% increase compared to previous year.
Patrick J. Ervin, Executive Vice President Mortgage Banking, received $591K in 2020, which increases by 18% compared to 2019.
Joel F. Rahn, Executive Vice President Commercial Lending, earned $438K in 2020, a 28% increase compared to previous year.
Stephen A. Erickson, Chief Financial Officer, received $378K in 2020, which increases by 19% compared to 2019.
Gavin A. Mohr, Chief Financial Officer, earned $211K in 2020.
Robert N. Shuster, Chief Financial Officer, received $158K in 2020, which decreases by 72% compared to 2019.

Related executives

William Kessel

Independent Bank

Chief Executive Officer

Gavin Mohr

Independent Bank

Chief Financial Officer

Patrick Ervin

Independent Bank

Executive Vice President Mortgage Banking

Stefanie Kimball

Independent Bank

Executive Vice President Chief Risk Officer

Dennis Mack

Independent Bank

Executive Vice President Chief Lending Officer

Robert Shuster

Independent Bank

Chief Financial Officer

Stephen Erickson

Independent Bank

Chief Financial Officer

Joel Rahn

Independent Bank

Executive Vice President Commercial Lending

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Source: SEC filing on March 5, 2021.