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For CEO of C1 Bank, a bonanza payout from sale to Bank of the Ozarks

Burgess
Burgess
Published Nov. 13, 2015

Trevor Burgess, 43, CEO of St. Petersburg's C1 Bank for the past three-plus years, is enjoying an extremely lucrative week.

Arkansas-based Bank of the Ozarks agreed to buy St. Petersburg's C1 Financial, the parent of C1 Bank, for $402.5 million.

That translates to about $25 per C1 share. Here's a brief breakdown based on SEC filings of how that C1 sale, set to close by the second quarter of 2016, will enrich Burgess:

• Burgess owned 1.27 million C1 shares as of the bank's 2015 annual shareholders meeting. That values his personal stake in C1 after the acquiring bank's rich offer at more than $31 million.

• As C1 CEO, Burgess last year received total compensation of $1.34 million.

• As part of C1's sale, Bank of the Ozarks reached a separate retention and noncompete agreement to pay Burgess $5.7 million. The sum will compensate Burgess serving in his new role, once C1 Bank's sale is finalized, as Bank of the Ozarks' chief innovation officer and Florida market president for the first year. And it will also pay for Burgess agreeing not to compete with the bank for three years after he leaves. The payout will be made over four years, Bank of the Ozarks said.

• In another SEC filing made public Thursday, C1's board of directors said it was awarding Burgess a $1.5 million annual bonus "in recognition of his tremendous services to C1 during the course of the 2015 year." The board said it would also pay Burgess $3.3 million, a sum triggered by a change in control of C1 from its sale to Bank of the Ozarks.