By Jeff McKinney
The Cincinnati Enquirer
The top five executives at Provident Financial Group Inc. stand to receive millions in severance settlements with National City Corp.'s $2.1 billion purchase of Cincinnati's second-largest bank.
The details of what they might reap came from agreements signed Feb. 15, two days before Provident's sale to Cleveland-based National City Corp. was announced.
The agreements basically will allow Robert Hoverson, Provident's president and chief executive officer; Chris Carey, executive vice president and chief financial officer; and James Whitaker, Provident's general counsel, to get three times their annual salaries and bonuses, health insurance and other perks.
James Gertie, a Provident executive vice president and chief risk officer, and Anthony Stollings, controller and chief accounting officer, also were presented lucrative packages.
According to a regulatory filing Monday with the Securities and Exchange Commission and part of Provident's annual shareholders report, here's how the Provident executives' settlements, often called golden parachutes, would look:
Based on his annual salary and bonuses totaling about $1.1 million last year, Hoverson would get $3.3 million over the next three years.
Carey would get about $1.86 million, based on his salary and bonus totaling $618,736 last year.
Whitaker would walk away with about $1.2 million, based on receiving $400,000 in 2003.
Gertie would receive $2.08 million, based on pulling in $693,462 in salary and bonus in 2003.
Stollings would receive $468,308, twice his annual salary last year and bonus in 2002 and two years of benefits instead of three.
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