Ciaran McMullan
About Ciaran McMullan
Independent director of Blue Ridge Bankshares, Inc. (BRBS). Age 56; joined the BRBS Board in May 2024. Currently Chairman and Chief Executive Officer of Bancorp 34, Inc. and its subsidiary Southwest Heritage Bank (since April 2024). Education includes degrees from Stirling University and Sheffield Hallam University; executive programs at Harvard Business School (FinTech and Agribusiness) and a certification in Decentralized Finance at Duke University. Tenure at BRBS: elected to a three-year term expiring at the 2028 annual meeting; nominated as a Class II director in 2025. Core credentials span community/regional bank CEO roles, multinational banking, advisory, and fintech leadership.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Suncrest Bank (California) | President & Chief Executive Officer | Apr 2013 – Jan 2022 | Led U.S. community bank operations and strategy |
| National Australia Bank (U.S. banking business, Illinois) | Chief Executive Officer | Not disclosed | CEO oversight of U.S. business; prior CFO of NAB Group Technology (Australia) |
| Great Western Bancorporation (South Dakota) | Chairman | Not disclosed | Board leadership; regional banking exposure |
| Cappello Capital (California) | Senior Advisor | Not disclosed | Advisory roles in financial services |
| Cap Gemini Ernst & Young (Australia) | Banking Partner | Not disclosed | Technology/consulting leadership in banking |
| PwC (United Kingdom) | Principal, Banking practice | Not disclosed | Professional services in banking |
| Abbey National Bank (United Kingdom) | Market Analyst | Career start | Early analytical experience |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Bancorp 34, Inc. (BCTF) | Chairman & Chief Executive Officer; Director | Since Apr 2024 | Public company directorship alongside CEO role |
| Southwest Heritage Bank | Chairman & Chief Executive Officer | Since Apr 2024 | Bank subsidiary leadership |
| Greater Phoenix Economic Council | Director | Current | Regional economic development network |
| Greater Sacramento Economic Council | Director (prior), Fintech Consortium founder | Prior | Fintech ecosystem development |
Board Governance
- Independence: BRBS Board determined 12 of 13 directors are independent; McMullan is classified as independent (matrix marks independence).
- Election support: At the May 21, 2025 annual meeting, votes for McMullan were 73,084,578 for and 500,032 withheld; non-votes 5,894,135.
- Attendance: In 2024, each director then serving attended >75% of aggregate Board and committee meetings; BRBS held 15 Company Board and 12 Bank Board meetings.
- Executive sessions: Non-employee directors generally hold executive sessions at each Board meeting; at least one annual session evaluates the CEO.
- Committee assignments: Audit Committee (Cozart—Chair; Bost; Montano; Stokes), Compensation Committee (Crowther—Chair; Patterson; Reynolds; Scavuzzo), Governance Committee (Patterson—Chair; Reynolds; Crowther; Woodruff). McMullan is not listed on these standing committees in the 2025 proxy.
- Board structure change: BRBS shareholders approved declassification, phasing to annual elections by 2028; adopted by Board Feb 19, 2025, effective May 21, 2025.
2025 Director Election Results (selected)
| Nominee | For | Withheld | Non-votes |
|---|---|---|---|
| Ciaran McMullan | 73,084,578 | 500,032 | 5,894,135 |
Fixed Compensation (Director)
| Component | Amount | Notes |
|---|---|---|
| Fees Earned or Paid in Cash (2024) | $43,833 | Pro-rated from May 2024 appointment |
| Annual Director Retainer (policy) | $64,000 | Committee chair differentials: Chairmen $71,500; Audit Chair $74,000; Board Chair $100,000 |
| Committee Member Annual Retainers (policy) | Audit $5,600; ERM $5,600; Compensation $3,600; Governance $2,500; Compliance $2,000 | Applicable if serving on those committees |
- Equity election option: Directors may elect to receive a portion of the retainer in BRBS common stock; five directors elected stock in 2024; McMullan is not listed among equity recipients for 2024.
Performance Compensation (Director)
| Metric/Instrument | Grant Date | Shares/Units | Vesting/Metrics | Fair Value | Notes |
|---|---|---|---|---|---|
| Restricted Stock (Director grants) | 2024 | Not awarded to McMullan | Attendance threshold (≥75% of meetings) for 12 months ending Apr 30, 2025 | N/A | 2024 RS granted to certain directors (Bost 8,216; Patterson 6,170; Spilman 8,216; Stokes 5,718; Woodruff 6,244); not to McMullan |
- Say-on-Pay context (executive): Advisory approval passed (For: 70,498,480; Against: 1,817,372; Abstain: 1,268,758); frequency “3 Years” received most votes; governance environment supportive.
Other Directorships & Interlocks
| Entity | Nature | Details/Signal |
|---|---|---|
| Castle Creek designation right | Investor governance | Castle Creek (significant shareholder) can designate two BRBS directors while ownership thresholds are met; designees are McMullan and Scavuzzo. Potential influence channel. |
| Bancorp 34, Inc. | Public company | McMullan is a director and serves concurrently as Chairman & CEO. Interlock as external public bank leader. |
Expertise & Qualifications
- Deep U.S. community/regional bank CEO experience; multinational banking (NAB), consulting (Cap Gemini/EY, PwC), fintech advisory; governance and strategic planning expertise per BRBS Board skills matrix.
- Education: Stirling University; Sheffield Hallam University; HBS Executive Education (FinTech, Agribusiness); Duke University Decentralized Finance certification.
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding | Notes |
|---|---|---|---|
| Ciaran McMullan | 1,000 | * (<1%) | As of March 20, 2025; no unvested director RS attributed to McMullan in footnotes. Outstanding shares: 87,785,224. |
- Pledging/hedging: BRBS discloses it does not have any practices or policies regarding ability of employees/directors to engage in hedging transactions; potential misalignment risk versus common best practice prohibitions.
Insider Trades
| Filing/Event | Date | Notes |
|---|---|---|
| Form 3 (Initial Ownership) | Filed late | Company discloses McMullan’s Form 3 was filed late; minor process red flag. |
Governance Assessment
- Independence and election support: Independent status and strong shareholder support (73.1M for vs. 0.5M withheld) indicate investor confidence.
- Committee roles: Not on Audit, Compensation, or Governance committees per 2025 proxy; governance impact currently through full Board service rather than committee leadership.
- Attendance and engagement: Board met frequently (15 Company, 12 Bank); directors exceeded 75% attendance; director RS grants for others tied to ≥75% attendance reinforce discipline.
- External leadership and interlocks: Concurrent CEO/Chair role at Bancorp 34 (public bank) adds expertise but raises potential competitive/interlock considerations; designation to BRBS Board via Castle Creek rights suggests investor-linked appointment—monitor alignment and independence from sponsor interests.
- Governance enhancements: Declassification of Board approved and effective May 21, 2025—a positive governance signal increasing annual accountability.
- RED FLAGS:
- Late Form 3 filing (process control).
- Absence of a hedging policy for directors/employees (contrary to many governance best practices).
- Investor designation rights (Castle Creek) creating potential influence channels; ensure robust independence oversight.
Additional Context
- Director Compensation Structure: Predominantly cash-based with optional stock election; 2024 equity grants to select directors hinged on attendance, aligning engagement with compensation; McMullan did not receive 2024 director RS per proxy disclosures.
- Board Leadership: Chairman Vance H. Spilman; Vice Chairman William W. Stokes; separation from CEO supports independent oversight.