Mercantile chief paid $1.2 million in 1995 Bank's earnings rose 15 percent last year, to $104.4 million

Banking

March 26, 1996|By Jay Hancock | Jay Hancock,SUN STAFF

H. Furlong Baldwin, chairman and chief executive of thriving Mercantile Bankshares Corp., earned a salary and bonus last year of $1.23 million, 43 percent more than he made in salary and bonus in 1994, according to recent regulatory filings.

In addition, Mr. Baldwin was granted options for 80,000 Mercantile shares that eventually could be worth up to $2.8 million, depending on Mercantile's performance and the future appreciation of its stock price, according to a proxy statement Mercantile filed with the Securities and Exchange Commission. But the company cautioned that the value of the shares might turn out to be much less.

The earnings of Baltimore-based Mercantile rose by 15 percent last year, to $104.4 million. Since 1991, the banking company's earnings have increased by 48 percent.

"Quarter after quarter, they continue to report very strong results," said John Heffern, a financial analyst with the Baltimore office of NatWest Securities Corp. "Mercantile never sank to the lows that some other banks did. Baldy [Mr. Baldwin] has consistently kept that bank very strong and protected its independence."

Mr. Baldwin's pay last year included $107,800 in benefits.

Edward K. Dunn Jr., Mercantile's president, received $598,700 in salary and bonus last year, a 37 percent increase. He also was granted options for 45,000 Mercantile shares, potentially worth up to $1.6 million, according to the proxy statement.

Mercantile's compensation committee said it based pay for executives last year on the bank's financial performance and stock results.

A theoretical $100 invested in Mercantile stock in 1990 would have been worth $244.43 by 1995.

Pub Date: 3/26/96

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