One of the highest-paid executives at Five Star Bank's parent company will resign on Dec. 31, but he won't leave empty-handed.
Michael D. Burneal will collect a one-time payment of $324,540 as he exits Financial Institutions Inc., according to a regulatory filing. Burneal will also receive his annual incentive for 2018 and the title to his company car.
Burneal is senior organizational adviser and facilities manager for the Warsaw-based bank. He previously served as chief risk and enterprise administration officer for two years, but the bank announced a reorganization in early November.
Prior to his change in duties, Burneal was responsible for the implementation of Financial Institutions' enterprise risk management strategy, the move of its regional administrative headquarters in the Rochester area, and managing the company's regulatory and compliance activities.
Burneal's total compensation for 2017 was nearly $470,000, including a base salary of $220,000, according to a filing. His base salary ranked fifth-highest among executives named in the filing.
He joined the bank in 2004.