Anthony R. Scavuzzo
About Anthony R. Scavuzzo
Anthony R. Scavuzzo, 43, is an independent director of Blue Ridge Bankshares, Inc. (BRBS) since June 2024 (and of the Bank since May 2024). He is a Managing Principal of Castle Creek Capital, LLC (at the firm since 2009) and sits on Castle Creek funds’ Investment Committee, with extensive community-bank investing and board experience across governance, compensation, risk, and ALCO committees . The Board has determined that 12 of 13 directors are independent; the only non‑independent director is the CEO (implying Mr. Scavuzzo is independent) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Castle Creek Capital, LLC | Managing Principal; Investment Committee member | 2009–present | Serves on governance, compensation, risk, and ALCO committees across portfolio boards |
| Enterprise Financial Services Corp | Director (prior) | Not disclosed | Prior public board experience |
| Guaranty Federal Bancshares | Director (prior) | Not disclosed | Prior public board experience |
| Numerous other portfolio companies | Director (prior) | Not disclosed | “Over a dozen other companies” (community bank focus) |
External Roles
| Organization | Role | Start Year | Notes |
|---|---|---|---|
| Texas Community Bankshares, Inc. (TCBS) | Director | 2022 | Current public company directorship |
| Third Coast Bancshares, Inc. (TCBX) | Director | 2022 | Current public company directorship |
| Pathfinder Bancorp, Inc. (PBHC) | Director | 2023 | Current public company directorship |
| Mid Penn Bancorp | Board observer | Not disclosed | Board observer (non‑director) |
Board Governance
- Committee assignments (BRBS): Member, Compensation Committee (Chair: Dr. Crowther; other members: Patterson, Reynolds, Scavuzzo). Compensation Committee met 8 times in 2024 (all members independent under NYSE/SEC rules) .
- Not on Audit Committee (Audit members: Cozart (Chair), Bost, Montano, Stokes; met 14 times in 2024) .
- Board independence and leadership: 12 of 13 directors independent; Board chaired by a non‑management director; executive sessions of non‑employee directors generally at each meeting .
- Attendance: In 2024, each director then serving attended >75% of aggregate Board and committee meetings .
- Governance reforms: Proposal to declassify the Board approved by the Board in Feb 2025 (subject to shareholder approval), moving toward annual elections; Board size to be reduced from 13 to 11 at the Annual Meeting .
Fixed Compensation
| Component | 2024 Policy/Amount | Notes |
|---|---|---|
| Annual cash retainer (non‑employee directors) | $64,000 | Paid monthly |
| Committee Chair retainers (non‑Audit) | $71,500 | For committee chairs (except Audit) |
| Audit Committee Chair retainer | $74,000 | |
| Board Chair retainer | $100,000 | |
| Committee member retainers — Audit | $5,600 | Per member |
| Committee member retainers — Enterprise Risk Mgmt | $5,600 | Per member |
| Committee member retainers — Compensation | $3,600 | Per member |
| Committee member retainers — Governance | $2,500 | Per member |
| Committee member retainers — Compliance | $2,000 | Per member |
| Additional retainer — BRB Financial Group, Inc. board | $2,000 | If serving on that board |
| Retainer form | Cash or elect portion in stock | 5 directors elected stock; priced at closing price on issuance date |
| Director (2024) | Fees Earned or Paid in Cash ($) | Stock Awards ($) | Total ($) |
|---|---|---|---|
| Anthony R. Scavuzzo | 44,767 | — | 44,767 |
| Note | Fees for Mr. Scavuzzo’s service were paid to Castle Creek Advisors VIII LLC |
Performance Compensation
| Equity Vehicle | 2024 Director Grants | Vesting Condition | Vest Date |
|---|---|---|---|
| Restricted Stock (select directors) | Bost: 8,216; Patterson: 6,170; Spilman: 8,216; Stokes: 5,718; Woodruff: 6,244 (grant‑date fair value under ASC 718) | Full vest contingent on ≥75% attendance of Board/committee meetings during the 12‑month period ending Apr 30, 2025 | April 30, 2025 |
| Mr. Scavuzzo | No stock award in 2024 | N/A | N/A |
The Company’s 2023 Stock Incentive Plan allows grants to employees and directors; to date only restricted stock has been granted; no dividends before vesting; plan expanded in 2024 to 4.85M shares authorized; 4.08M available as of Dec 31, 2024 .
Other Directorships & Interlocks
| Entity | Relationship to BRBS/Scavuzzo | Detail |
|---|---|---|
| Castle Creek Capital Partners VIII, L.P. | 5%+ shareholder of BRBS | Beneficial owner of 17,285,078 shares (18.48%) as of Mar 20, 2025 |
| Castle Creek Capital, LLC / Castle Creek Advisors VIII LLC | Scavuzzo employer; fees recipient | Scavuzzo is Managing Principal; his BRBS board fees were paid to Castle Creek Advisors VIII LLC |
| Castle Creek (Private Placements) | Investor in 2024 capital raises | Purchased common and Series C preferred on Apr 3, 2024 (~$28.8M); received 10,928,000 common on Nov 7, 2024 upon Series C conversion; warrant for 5,764,000 common issued Nov 7, 2024 |
| Compensation Committee Interlocks | None reported | No BRBS execs on other boards’ comp committees, and no Comp Committee members are/were BRBS employees |
Expertise & Qualifications
- Community banking specialist investor; Castle Creek Investment Committee member; service on governance, compensation, risk, and ALCO committees across portfolio companies .
- Current public bank directorships at TCBS (since 2022), TCBX (since 2022), and PBHC (since 2023), indicating broad network and sector experience .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding | Notes |
|---|---|---|---|
| Anthony R. Scavuzzo | — | — | As of Mar 20, 2025; “—” indicates none reported |
| Shares outstanding (reference) | 87,785,224 | 100% | As of Mar 20, 2025 |
- Hedging/Pledging: The Company states it does not have practices or policies restricting employees or directors from engaging in hedging transactions (e.g., collars, swaps) in Company stock—a governance negative for alignment .
- Section 16 compliance: Mr. Scavuzzo’s Form 3 was filed late (along with several others) for 2024 entrants; Company otherwise reported timely compliance except noted items .
Governance Assessment
-
Positives:
- Independent director with deep community banking governance and compensation committee experience; currently serves on BRBS Compensation Committee (8 meetings in 2024; committee fully independent) .
- Board moving to declassify and reduce size, enhancing accountability and effectiveness over time .
- No compensation committee interlocks or insider participation; clean structure on comp oversight .
-
Risks / RED FLAGS:
- Major shareholder affiliation: Castle Creek funds hold 18.48% of BRBS; Scavuzzo is a Managing Principal at Castle Creek and his BRBS director fees are paid to Castle Creek Advisors VIII LLC—creates perceived conflicts around capital allocation, related financings, and compensation oversight (he sits on the Compensation Committee). Strong recusal protocols are advisable .
- Related party/transaction oversight: Company has not adopted a formal related‑party transactions policy (Board reviews case‑by‑case). Given 2024 private placements and significant Castle Creek involvement (equity purchases, conversions, large warrant), absence of a formal policy is a governance weakness .
- Hedging policy: Company lacks prohibitions on director/employee hedging of Company stock, which weakens alignment and can undermine incentive integrity .
- Section 16 filing timeliness: Late Form 3 for Scavuzzo upon joining; while administrative, repeated lapses can signal process/control gaps .
-
Alignment snapshot:
- Scavuzzo personally reported no BRBS share ownership as of March 20, 2025; however, his affiliated fund is a top shareholder. This can cut both ways—fund ownership aligns institutional incentives to equity value, but amplifies conflict scrutiny on board decisions (e.g., compensation, capital raises) .
-
Engagement and Attendance:
- All directors met the >75% attendance threshold in 2024; Compensation Committee met 8x; indicates active oversight cadence .
Monitoring items for investors: (1) formalization of related‑party policy; (2) explicit recusal disclosures for Castle Creek‑linked matters; (3) adoption of anti‑hedging policy; (4) confirmation of robust independence controls for Compensation Committee decisions where a large shareholder‑affiliated director participates .