First Federal Bancshares Executives Get No Raises

Executives of First Federal Bancshares of Arkansas Inc. of Harrison received no raises in salary or bonuses last year and won’t get one this year either.

Larry J. Brandt, president and CEO of the holding company for First Federal Bank is even voluntarily taking a 10 percent reduction in pay this year, according to a proxy filing with the Securities & Exchange Commission.

Brandt’s base salary last year was $325,000. He received stock awards of $5,100, another $98,000 in the change in pension value and other compensation, including director fees, of $56,636 for total compensation of $484,736, compared with $476,535 in 2007.

Tommy W. Richardson, executive vice president and chief operating officer, received total compensation of $317,906, compared with $296,934 the previous year. That comes from a base salary of $217,000, stock awards of $5,100, a change in pension value that added $45,000 and other compensation of $50,806.

Sherri R. Billings, executive vice president and chief financial officer, took home $300,353 in 2008, compared with $279,793 in 2007. Her base salary is $210,000 and she received $48,000 in the change in pension value and $42,373 in other compensation.

The company will hold its annual shareholder meeting at First Federal Bank in Harrison on April 28.