“Excessive compensation” at Seacoast? Answer isn’t clear

Dennis Hudson in 2002.

Dennis Hudson in 2002.

New York private equity firm CapGen Financial isn’t pleased with the direction of Stuart-based Seacoast Banking Corp. (Nasdaq: SBCF). One of its gripes: “excessive compensation paid to Board members.”

CapGen’s John Sullivan raised the complaint in a letter to directors this month. He didn’t specify which pay package he found objectionable.

A quick survey of seven Florida-based financial companies — Seacoast, BankUnited, Stonegate Bank, FCB Financial, CenterState Banks, Ocwen Financial and BBX Capital — shows Seacoast’s long-time chairman, chief executive and president was the lowest-paid top exec in the group. Dennis Hudson III collected $680,286 in 2015.

Seacoast did have the highest-paid non-employee director among the seven companies. Roger Goldman received $332,500, including a $20,000 housing allowance.

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