Edgar Romney Jr.
About Edgar Romney Jr.
Edgar Romney Jr. is Executive Vice President, Chief Strategy and Administrative Officer at Amalgamated Bank, serving since April 2023; he previously served as Interim Chief Audit Executive from April to October 2024, Chief Revenue Officer from 2022 to 2023, Regional Sales Director from 2018 to 2022, and earlier held roles including Chief Risk and Compliance Officer and Deputy General Counsel; he holds a J.D. from St. John’s University School of Law and a bachelor’s degree from Cornell University . His age was disclosed as 45 in the 2025 proxy and 44 in the 2024 proxy, and he has 16 years with the bank as of the 2025 proxy, indicating deep institutional experience across risk, legal, commercial, audit and strategy domains . Company performance context tied to executive incentives includes 2022–2024 PRSUs paying out at maximum based on relative TSR above the 75th percentile and Adjusted Tangible Book Value growth of 14.27%, and 2023 financial highlights of $88.0 million in net income, a 52.04% efficiency ratio, and improved core metrics, signaling robust pay-for-performance calibration for executives during his tenure in senior roles .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Amalgamated Bank | EVP, Chief Strategy & Administrative Officer | Apr 2023–Present | Leads strategic agenda, growth evaluation, goal tracking, and innovation; serves as enterprise strategy spokesperson |
| Amalgamated Bank | Interim Chief Audit Executive | Apr 2024–Oct 2024 | Oversaw audit function during transition while the company searched to fill the role |
| Amalgamated Bank | Chief Revenue Officer | 2022–2023 | Executed strategy for deposits, lending, investment portfolios and budget goals across banking and investment teams |
| Amalgamated Bank | Regional Sales Director | 2018–2022 | Led commercial sales in the Northeast; drove core relationship growth |
| Amalgamated Bank | Chief Risk & Compliance Officer; Deputy General Counsel | Prior to 2018 (dates not disclosed) | Built and oversaw risk, compliance, and legal frameworks supporting safety and soundness |
External Roles
- No public external board roles or outside directorships disclosed for Edgar Romney Jr. in the proxy statements reviewed .
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Total Compensation ($) | $508,800 | $569,767 | $891,385 |
| Notes | Includes base salary, bonus, cash dividends | Includes base salary, cash bonus, equity award and additional compensation (program structure applies to similarly situated employees) | Includes base salary, cash bonus, equity award and additional compensation (program structure applies to similarly situated employees) |
Base salary, target bonus %, and actual bonus paid for Edgar Romney Jr. are not individually disclosed; totals above are as reported.
Performance Compensation
Executive incentive design (AIP and LTIP) defines pay-for-performance calibration for senior executives; while Edgar Romney Jr.’s individual AIP outcome and LTIP grants are not disclosed, his program is stated to follow structures applicable to similarly situated employees . Company-level incentive metrics and outcomes for 2024 are below.
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Annual Incentive Program (AIP) – Corporate metrics and outcomes (2024): | Metric | Weighting | Threshold | Target | Maximum | Actual Result | Payout (% of Target) | |---|---:|---:|---:|---:|---:|---:| | Core Earnings (in millions) | 40% | $96.1 | $104.0 | $108.0 | $101.8* | 72% | | Adjusted Core Efficiency Ratio | 20% | 52.0% | 50.8% | 50.2% | 50.3%* | 178% | | Growth of Non-Time Deposits | 20% | 0.0% | 2.4% | 5.0% | 4.50% | 179% | | Nonperforming Assets / Total Assets | 20% | 0.45% | 0.32% | 0.28% | 0.31% | 107% | | Payout Opportunity | — | 50% | 100% | 200% | — | 121% | *See non-GAAP reconciliations in Annex A as referenced in the proxy .
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Long-Term Incentive Program (LTIP) – Design and recent outcomes: | LTIP Metric | Weighting | Performance Period | Outcome Calibration | 2022–2024 Result | |---|---|---|---|---| | Growth in Adjusted Tangible Book Value | 50% | 3-year (Jan 1, 2022–Dec 31, 2024) | Threshold 50%, Target 100%, Max 150% | 14.27%; Earned 150% of target | | Relative Total Shareholder Return (rTSR) | 50% | 3-year vs 2022 peer group | Threshold 50%, Target 100%, Max 150% | Above 75th percentile; Earned 150% of target |
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Grants-of-plan-based awards shown for NEOs in 2024 included 50/50 PRSUs/TRSUs and differential investment awards for retention; specific grants to Edgar Romney Jr. are not disclosed .
Equity Ownership & Alignment
| Policy / Topic | Key Term | Applies To | Notes |
|---|---|---|---|
| Stock Ownership Guidelines | Executive VP: 1× base salary; compliance period 5 years | EVP and above | Shares counted include net shares from unvested time-based RSUs and vested unexercised options; Compensation Committee monitors annually |
| Hedging & Pledging | Prohibited: short sales, options, hedging/monetization (e.g., collars), margin accounts, pledging | All directors, officers, employees | Insider Trading Policy bans hedging and pledging to prevent misalignment and compliance risks |
| Clawbacks | Mandatory recovery of incentive compensation for restatements; misconduct-triggered recovery at board discretion for prior 3 years | Executive officers and key employees | Policy filed as exhibit to 10-K; compliant with SEC and Nasdaq standards |
| Section 16(a) Compliance | Late filings in 2024: one Form 3 for Edgar Romney Jr.; one late Form 4 transaction for Edgar Romney Jr. (and others) | Directors and executive officers | Company reported inadvertent delays; otherwise in compliance |
Individual beneficial share ownership for Edgar Romney Jr. is not itemized in the security ownership tables (which list NEOs and directors); group ownership for all directors and executive officers was 396,770.36 shares as of March 26, 2025 .
Employment Terms
Edgar Romney Jr.’s individual employment agreement terms are not disclosed. The proxy outlines severance and change-in-control economics for peer executives (CFO, Chief Banking Officer, Chief Information & Operations Officer, Chief Legal Officer), which reflect the company’s framework for EVP-level roles.
| Trigger | Cash Severance | Change-in-Control (if terminated within 12 months or 90 days pre-CoC at acquirer’s request) | COBRA | Excise Tax Gross-Up |
|---|---|---|---|---|
| Without cause / Good reason | 12 months base salary + 100% of Annual Bonus Target + pro-rated Annual Bonus Target paid over 12 months | 21 months base salary + 175% of Annual Bonus Target paid over 21 months | Company pays/reimburses 12 months | None; “best net” cut if 280G applies |
- Equity award agreements for NEOs provide prorated vesting for TRSUs and PRSUs upon certain terminations, and single-trigger vesting of TRSUs with performance-based vesting of PRSUs upon qualifying separation within one year following a change-in-control; unvested awards are forfeited for cause .
Investment Implications
- Alignment and incentive structure: Executive incentives are calibrated to core earnings growth, efficiency, deposit growth, and asset quality, with LTIP tied to Adjusted TBV and rTSR; 2022–2024 outcomes at maximum reinforce a design that rewards value creation, supporting management’s credibility in pay-for-performance frameworks .
- Ownership and risk controls: Strict prohibitions on hedging and pledging, plus clawback provisions, mitigate misalignment and promote retention of net shares, while EVP-level stock ownership guidelines anchor “skin in the game” over a five-year compliance horizon .
- Governance and related-party context: The familial relationship with director Edgar Romney Sr. is disclosed, with the company stating Romney Jr.’s compensation follows structures for similarly situated employees; broader CRF trustee/participant conflicts are mitigated via disinterested voting requirements under bylaws, reducing governance risk signals .
- Trading signals and compliance: Reported late Section 16 filings (Form 3 and one late Form 4 transaction for Romney Jr.) merit monitoring for future Form 4 activity and potential selling pressure around vesting dates; however, the company reported otherwise compliant filings in 2024 .
- Pay trajectory and retention: Multi-year total compensation increased meaningfully from 2022 to 2024, consistent with expanded responsibilities and organization performance; absence of disclosed individual grant detail limits precise vesting pressure analysis, but company-wide differential investment awards and LTIP designs emphasize retention for senior executives .