Patrick McCann
About Patrick J. McCann
Patrick J. McCann (age 68) is an independent director of Atlantic Union Bankshares (AUB) serving since 2004. He is the former Chief Financial Officer of the University of Virginia Foundation (2009–2020) and previously held senior finance roles at Bank of America (Florida Division) and Barnett Banks, Inc.; he holds a B.S. in accounting from Florida State University . The Board affirms his independence under NYSE standards and AUB’s Categorical Standards , and the 2025 proxy lists him as an independent director . The Board’s skills matrix attributes to McCann expertise in finance/accounting, banking/financial services, strategic planning, human capital/compensation, risk management, legal/regulatory, and M&A .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| University of Virginia Foundation | Chief Financial Officer | 2009–2020 | Financial management and accounting leadership |
| Bank of America – Florida Division | Senior Finance Executive | 1998–2000 | Senior finance leadership in banking |
| Barnett Banks, Inc. | Corporate Director of Finance | 1996–1998 | Corporate finance oversight |
| Barnett Banks, Inc. | Corporate Controller & Chief Accounting Officer | 1992–1996 | Accounting policy and reporting leadership |
External Roles
| Category | Details |
|---|---|
| Current U.S.-listed public company boards | None disclosed for McCann |
| Prior public company boards | None disclosed for McCann |
Board Governance
- Committee assignments: Nominating & Corporate Governance; Trust .
- Committee chairs: McCann is not a chair; Nominating & Corporate Governance is chaired by F. Blair Wimbush (6 meetings in 2024); Trust is chaired by Joel R. Shepherd (4 meetings in 2024) .
- Independence: Board determined McCann independent under NYSE and AUB standards ; proxy lists him as independent .
- Attendance: In 2024, the Board held nine regular and two special meetings; each director attended ≥75% of Board and committee meetings during their service period, and all 14 directors attended the 2024 annual meeting .
- Board leadership and executive sessions: Chair is independent (Ronald L. Tillett); independent directors meet in executive session at least quarterly .
- Director stock ownership policy: Non-employee directors must hold ≥5× annual cash retainer; all directors are in compliance .
- Hedging/pledging: Prohibited for directors (and executive officers) .
| Committee | Role | Chair? | Meetings (2024) |
|---|---|---|---|
| Nominating & Corporate Governance | Member | No; Chair: F. Blair Wimbush | 6 |
| Trust | Member | No; Chair: Joel R. Shepherd | 4 |
Fixed Compensation
- Program structure (non-employee directors):
- 2024 annual cash retainer $50,000; equity retainer $65,000 in unrestricted shares; committee chair/member fees as listed below .
- Effective 2025: cash retainer increased to $60,000; equity retainer to $80,000; Audit Committee member fee to $15,000; other committee member fees to $10,000; other fees unchanged .
| Component | 2024 Amount | 2025 Amount |
|---|---|---|
| Annual cash retainer | $50,000 | $60,000 |
| Annual equity retainer (unrestricted shares) | $65,000 | $80,000 |
| Chair fee (Board) | $80,000 | $80,000 |
| Vice Chair fee | $20,000 | $20,000 |
| Audit Chair fee | $22,500 | $22,500 |
| Comp/Risk Chair fees | $16,000 | $16,000 |
| Nominating/Trust Chair fees | $14,000 | $14,000 |
| Audit Committee member | $11,000 | $15,000 |
| Other committee member | $8,000 | $10,000 |
| Executive Committee per-meeting | $1,000 ≥1 hr; $500 <1 hr | $1,000 ≥1 hr; $500 <1 hr |
- McCann’s 2024 actual compensation:
- Fees earned/paid in cash: $75,167; Stock awards (grant-date fair value): $64,999; Total: $140,166 .
| Name | Fees Earned or Paid in Cash ($) | Stock Awards ($) | Total ($) |
|---|---|---|---|
| Patrick J. McCann | 75,167 | 64,999 | 140,166 |
Notes:
- No nonqualified deferred compensation earnings for McCann in 2024; deferrals were elected by other directors (Corbin, Tillett, Wimbush) .
- Director compensation structure is reviewed annually using the same peer group applied for executive compensation; recommendations come from an independent consultant (Meridian) .
Performance Compensation
- Equity award form for non-employee directors: unrestricted shares (fully vested at grant) under the director program and the proposed 2025 Stock and Incentive Plan .
- No performance metrics apply to director equity; dividends are standard on issued shares and not tied to performance goals (performance conditions and dividend equivalents apply to employee performance awards, not unrestricted director stock) .
| Item | 2024 | 2025 |
|---|---|---|
| Director equity retainer (form) | Unrestricted shares; fully vested upon grant | Unrestricted shares; fully vested upon grant |
| Director equity retainer (value) | $65,000 | $80,000 |
| Clawback applicability | Awards subject to Incentive Compensation Recovery Policy | Awards subject to Incentive Compensation Recovery Policy |
| Change-in-control treatment | Plan encourages double-trigger acceleration if awards assumed; Board retains flexibility | Same |
Other Directorships & Interlocks
| Category | Details |
|---|---|
| Current other public company boards | None disclosed for McCann |
| Interlocks/conflicts | None disclosed for McCann; related party transactions section notes ordinary-course insider banking relationships and one family employment disclosure for another director (Wampler), not McCann |
Expertise & Qualifications
- Finance & Accounting; Banking/Financial Services; Strategic Planning; Human Capital/Compensation; Risk Management; Legal & Regulatory; M&A .
- Education: B.S. in accounting, Florida State University .
Equity Ownership
| Holder | Common Stock Beneficial Ownership (shares) | Percent of Class | Notes |
|---|---|---|---|
| Patrick J. McCann | 30,411 | * (<1%) | Includes 201 shares registered in spouse’s name |
| Shares pledged | None of the shares listed are pledged | ||
| Company-wide ownership policy | Directors must hold ≥5× annual cash retainer; all directors in compliance | ||
| Hedging/pledging policy | Hedging and pledging prohibited for directors |
Governance Assessment
- Strengths:
- Long tenure and deep finance/accounting background; independent status; and material committee engagement on governance (NCG) and fiduciary oversight (Trust) support board effectiveness .
- Attendance and engagement indicators are solid (≥75% meeting attendance for all directors; full attendance at annual meeting; quarterly executive sessions) .
- Ownership alignment: meaningful personal shareholding, mandatory ownership guidelines met, and explicit prohibitions on hedging/pledging .
- Compensation governance: independent consultant (Meridian), clear director pay structure, and clawback coverage under equity plan .
- Shareholder sentiment signal: 2024 Say-on-Pay support ~93%, indicating broad investor approval of compensation practices and oversight environment .
- Potential red flags:
- None disclosed specific to McCann regarding related-party transactions, pledging, or delinquent insider filings (the only delinquency noted involved another director and was due to administrative error) .
- Implications: McCann’s profile suggests strong governance quality with low conflict risk and high alignment, enhancing investor confidence in board oversight of strategy, risk, and capital allocation .