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SFC Bank's assets were $780 million at the end of 2020.
SBJ file photo
SFC Bank's assets were $780 million at the end of 2020.

Proxy filing shows top SFC Bank exec compensation

Posted online

A proxy filing from the parent company of Springfield First Community Bank sheds light on the compensation level for the company's top position.

During 2020, former SFC Bank CEO Rob Fulp's total compensation was $611,998, a 1% increase from a year earlier, according to the filing made this month by QCR Holdings Inc. (Nasdaq: QCRH) with the U.S. Securities and Exchange Commission.

SFC Bank announced early this year that Fulp retired and was succeeded as CEO by Monte McNew, the company's president. Fulp led the bank for nine years.

The SEC filing does not name McNew, as he took on the top role at SFC Bank in 2021.

During 2020, Fulp's salary was flat at $401,639. His total compensation included a more than $44,000 increase in nonequity incentive plan compensation.

The filing indicates that in connection with his retirement, QCR entered a separation agreement with Fulp on Feb. 11. Through the agreement, Fulp is set to receive cash severance equal to 200% of his former base salary over two years.

Moline, Illinois-based QCR reported 2020 profits rose 6% to $60.6 million, according to past reporting. SFC Bank's assets grew roughly 4% to $780 million to close out the year, compared with $748.8 million as of Dec. 31, 2019. Its year-end deposits were $569 million, a 7% increase from a year earlier.

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