Baldwin's salary, bonus rise to $1.29 million

Maryland Watch

March 28, 1998

H. Furlong Baldwin, chairman and chief executive of Mercantile Bankshares Corp., received a salary and bonus of $1.29 million in 1997, up 33 percent from a year earlier, according to the company's proxy report filed with federal regulators.

Baldwin was paid $878,500 in salary, compared with $750,000 in 1996, and his bonus was $414,400, compared with $219,000.

Mercantile's compensation committee boosted Baldwin's pay package because of the Baltimore-based banking company's strong performance. It also recognized that Baldwin's 1996 salary had increased by less than $3,000, and his bonus dropped by 55 percent, according to the proxy.

Edward K. Dunn Jr., chairman of Mercantile Mortgage Corp., was paid $566,000 in salary, up 41.5 percent, and he received a $268,000 bonus.

Hugh W. Mohler, executive vice president at Mercantile, was paid $292,400 in salary, up 9 percent, and he received a $105,700 bonus, up 75 percent from a year earlier.

Baldwin, 66, has an employment agreement until Feb. 1, 1999, which may be extended for an additional 12 months.

Pub Date: 3/28/98

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