Ryan has been CEO of Yardville, based in Hamilton, N.J., since 1992. He will receive a cash payment of $2.6 million "in settlement of any and all obligations and liabilities under his current employment agreement with Yardville and in consideration of restrictive covenants set forth in the agreement," according to the 8-K from June 6. Another $4.03 million is for "full settlement of any and all obligations and liabilities under any non-qualified deferred compensation plans, programs, or arrangements." Plus, he's getting $20,000 per month for a 12-month consulting gig with Yardville, uh PNC.
Ryan's departure isn't surprising. CEOs of acquired companies often don't stick around. Plus, Yahoo Finance pegs his age at 62, indicating he may be interested in retiring. The bank didn't return a phone call from PhillyInc.
He isn't the only Yardville executive doing well. F. Kevin Tylus, the bank's president, whom PNC is hiring as regional president of Hunterdon and Mercer Counties, will be getting a base salary of $330,750. And in January, he will be getting a cash payment of $1.6 million "in consideration of a covenant not to compete." There's also a "special payment" of $166,667 for compensation due to him under his existing contract with Yardville. And he's receiving a restricted stock grant in January valued at $2.45 million that will vest in three years. Yardville's first senior vice presidents, including Ryan's son, Patrick L., also have employment contracts with the bank that enable them to be eligible for severance equal to two times their highest salary.
Founded in 1925, Yardville has 33 branches in New Jersey and Pennsylvania. Filings for today's acquisition of Sterling should be available in the next week or so.
