Guaranty Bank top execs to get golden parachutes, according to new acquisition docs

DENVER — A golden parachute compensation package totals more than $14.2 million for five Guaranty Bancorp (Nasdaq: GBNK) executives, according to new documents regarding the Denver bank’s agreement to a $1 billion acquisition by Texas-based Independent Bank Group Inc.

Paul W. Taylor, Christopher G. Treece, Michael B. Hobbs, Cathy P. Goss and Anthony L. Pizzichini will get cash, equity and other benefits should any of them be terminated, according to a recent definitive proxy statement filed to the U.S. Securities and Exchange Commission by Guaranty Bancorp, the holding company for Guaranty Bank and Trust Co.

Should the acquisition, announced in May, not go through, each bank may have to pay the other a $40 million termination fee.

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Guaranty shareholders will vote on the acquisition terms, listed out in the proxy statement, at a special meeting on Sept. 25. Independent shareholders will vote the day before.

Guaranty has more than 30 branches in Colorado, with locations in Berthoud, Boulder, Denver, Fort Collins, Greeley, Longmont and Loveland. Independent operates throughout the Dallas/ Fort Worth, Austin and Houston areas of Texas, along with operations along Colorado’s Front Range after its April 2017 acquisition of 18 Northstar Bank locations.

The total golden parachute compensations are:

• Paul W. Taylor (chairman and CEO of Guaranty) — $6,156,685
• Christopher G. Treece (executive vice president and CFO) — $2,303,988
• Michael B. Hobbs (president of Guaranty Bank and Trust Co.) — $2,755,055
• Cathy P. Goss (executive vice president and chief credit officer) — $2,184,902
• Anthony L. Pizzichini (executive vice president and regional president of Guaranty Bank and Trust Co.) — $820,792