Steven SaLoutos
About Steven SaLoutos
Steven SaLoutos joined Amalgamated Financial Corp.’s Board effective June 27, 2025, and also serves on the Board of Amalgamated Bank . He is Chief Financial Officer of ProSight Financial Association (interim in 2024; permanent since 2025) following a 38-year career at U.S. Bank, most recently as Executive Vice President and Midwest Regional Executive in Consumer and Business Banking . He holds a BBA from the University of Wisconsin–Whitewater and an MBA from the University of Wisconsin–Madison, and has served as a member and former Chair of Wisconsin Women’s Business Initiative Corporation (WWBIC), a CDFI .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| ProSight Financial Association | Chief Financial Officer | 2024 (interim); 2025–present | Senior finance leadership for highly regulated financial entity |
| U.S. Bank, N.A. | Executive Vice President; Midwest Regional Executive, Consumer & Business Banking | 38-year career (most recent role) | Large-scale P&L, consumer/business banking operations leadership |
External Roles
| Organization | Role | Tenure | Focus/Impact |
|---|---|---|---|
| WWBIC (CDFI) | Member; former Chairperson | Not disclosed | Startup and early-stage lending; education for women/minority-owned businesses |
Board Governance
- Committee assignments: Audit Committee; Credit Policy Committee .
- Chair roles: None disclosed for SaLoutos .
- Independence: Audit Committees must be entirely independent under Nasdaq and FDIC rules; AMAL affirms its Audit Committee members meet heightened independence criteria . SaLoutos’ appointment to the Audit Committee aligns with these independence requirements .
- Attendance/engagement: AMAL’s Board met 7 times in 2024; all directors met ≥75% attendance in 2024 (pre-appointment for SaLoutos) .
- Lead Independent Director and executive sessions: AMAL has a Lead Independent Director (Finser) who may call executive sessions of independent directors without management present .
Fixed Compensation
| Component | Standard AMAL Non-Employee Director Rate | Notes |
|---|---|---|
| Base annual cash retainer | $50,000 | Paid monthly |
| Audit Committee member | $10,000 | Chair receives additional $15,000 (not applicable) |
| Credit Policy Committee member | $5,000 | Chair receives additional $10,000 (not applicable) |
| Participation status | “Current director compensation arrangements” | SaLoutos will participate, pro-rated for 2025 service |
Expected cash mix for SaLoutos (role-based): $50,000 base + $10,000 Audit + $5,000 Credit Policy = $65,000 annualized (pro-rated for 2025) .
Performance Compensation
| Award Type | Grant Value | Grant Timing | Vesting | Dividend Equivalents | Notes |
|---|---|---|---|---|---|
| RSUs (appointment grant) | Approximately $65,000 (prorated for partial first year) | In connection with 6/27/2025 appointment (grant date not specified) | Vest on first anniversary of grant date | Accrue during vesting; paid in cash upon vest | Forfeit if director resigns before vest |
| RSUs (annual program) | ~$50,000 grant value for non-employee directors at annual meeting | Annual meeting cycle | One-year vest | Dividend equivalents paid upon vest | Standard program terms |
Other Directorships & Interlocks
| Company/Entity | Type | Role | Potential Interlock/Exposure |
|---|---|---|---|
| ProSight Financial Association | Private/Financial | CFO | No AMAL-related party transactions requiring Item 404(a) disclosure for SaLoutos at appointment |
| WWBIC (CDFI) | Nonprofit/Financial inclusion | Member; former Chair | Community lending advocacy; no AMAL related-party transactions disclosed |
Expertise & Qualifications
- Senior banking operator and finance executive (EVP at U.S. Bank; CFO at ProSight) .
- Consumer and business banking leadership experience across Midwest markets .
- Community development and small business lending advocacy via WWBIC (CDFI) .
- Formal business education (BBA; MBA) .
Equity Ownership
| Item | Disclosure |
|---|---|
| Initial beneficial ownership | Form 3 filed 07/01/2025 states “No securities are beneficially owned” |
| Ownership guidelines | Directors must hold ≥3x annual cash retainer; calculation includes specified share types (e.g., RSUs net shares) |
| Build-to-guideline mechanics | 50% of “Net Shares” from equity grants must be retained until guideline met; compliance measured annually (typically July) |
| Pledging/hedging | Company bans hedging/pledging in compensation philosophy for executives; director guideline emphasizes retention (director-specific hedging/pledging not separately disclosed) |
Insider Trades
| Date | Form | Key Details |
|---|---|---|
| 07/01/2025 | Form 3 | Initial Statement of Beneficial Ownership; “No securities are beneficially owned.” Relationship: Director |
Governance Assessment
- Positive signals: Placement on Audit Committee and Credit Policy Committee positions SaLoutos in core oversight of financial reporting, controls, and credit risk—functions that require independence and domain expertise . Appointment disclosures explicitly state no related-party transactions requiring Item 404(a) disclosure .
- Alignment and incentives: Director pay is balanced cash-plus-time-based RSUs (no options, no performance metrics), with robust stock ownership guidelines and mandatory net-share retention until compliance—supporting longer-term alignment .
- Watch items: Initial Form 3 shows no holdings; monitor RSU vesting and accumulation toward ownership guidelines over time . Broader AMAL governance includes significant Worker United designation rights (Chair and designated directors), but no direct conflict tied to SaLoutos is disclosed .
- RED FLAGS: None disclosed for SaLoutos—no related-party transactions, no attendance concerns (newly appointed), and no Section 16 issues noted for him .