SunTrust Bank approved a raise for its president but otherwise froze executive pay to comply with guidelines under the federal Troubled Asset Relief Program, according to a document filed with the U.S. Securities and Exchange Commission late Wednesday.
The Atlanta-based bank approved a raise for its president, William Rogers Jr., based on “increased responsibilities he has assumed since his promotion last year,” the filing states. His salary was increased to $560,000.
The pay increase is the second for Rogers since he was named president in late 2008, sparking rumors that he is being groomed to be the bank’s next CEO.
Rogers was given an 11 percent pay raise Jan. 1, 2009, according to the company’s 2009 proxy statement.
SunTrust otherwise will not increase the salaries for its chairman and CEO and other executive vice presidents. It also will not pay cash bonuses for 2009, nor will it pay any restricted long-term stock bonuses for 2009, the filing said.
SunTrust’s board approved the changes to its compensation structure at a Dec. 30 meeting. The changes were made to meet guidelines for banks that received money from TARP.
SunTrust, Georgia’s largest bank, received $4.85 billion in TARP funds. It is one of 26 Georgia banks to receive TARP money.
The federal government has invested $6.2 billion in Georgia’s banks through TARP, a program that has been criticized by some as a bailout of an industry that helped create the financial crisis.
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