Carolina Trust Bank CEO Jerry Ocheltree Sees Decrease In 2016 Compensation

3/31/17

By Evanne Timberlake, NC BIZ News

The president and chief executive officer of Carolina Trust BancShares saw a 5.7 percent decrease in total compensation to $447,000 in 2016, according to the company proxy filed with the Securities and Exchange Commission.

Jerry Ocheltree’s total compensation in 2015 was $474,000.

Ocheltree’s base salary increased to $270,300 in 2016, up 2 percent from $265,000 in 2015. His 2016 total compensation fell short mainly because of a $107,325 bonus he received in 2015.

The executive vice president and chief compliance officer, Richard Rager, also saw a decrease in total compensation but an increase in base salary.

Rager’s base salary increased to $165,240 in 2016, up from $162,000 in 2015. His total compensation fell from $269,171 in 2015 to $235,141 in 2016, mostly due to a $54,675 bonus he received in 2015.

Carolina Trust Bank is a state chartered bank headquartered in Lincolnton, operating nine branches in North Carolina. The company’s annual meeting of shareholders will be held May 2, at 10 a.m. in Hickory, N.C.

The company’s stock closed at $8 per share on Thursday.

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